First Berlin Maintains Buy Rating on Grand City Properties

First Berlin Equity Research has reaffirmed its BUY recommendation for Grand City Properties S.A., following a recent research update. Analyst Ellis Acklin upheld the target price of €14.20, suggesting a potential 38% upside for the stock. The research, disseminated by EQS News, highlights a solid Q1 performance, characterized by a 3.8% like-for-like rental growth that aligns with the growth pace of 2024.

The firm's financials display a 6% year-on-year increase in funds from operations (FFO), reaching €48 million. Furthermore, a positive revaluation for the first quarter supports the optimistic trends observed late last year. Despite these positives, Grand City Properties opted not to distribute a dividend for 2024, citing global macroeconomic uncertainties. Nonetheless, management is optimistic about reinstating dividends in 2025.