on Grand City Properties S.A., (ETR:GYC)
Grand City Properties Acquires 20% Stake in LEG Immobilien SE
Grand City Properties S.A. has announced the acquisition of a 20.04% stake in LEG Immobilien SE, a prominent residential real estate company in Germany, particularly strong in North Rhine-Westphalia. This strategic investment aims to bolster Grand City Properties' FFO growth, expecting a high accretion of around 30% on a pro-rata basis. LEG Immobilien, recognized for its robust portfolio and stable income, aligns with Grand City’s investment strategy.
The company capitalizes on favorable market conditions, with the option to adjust its shareholding as opportunities arise. This acquisition is underpinned by Grand City's strong balance sheet, while maintaining their financial policy and credit rating metrics, with loan-to-value ratios well below the 45% threshold.
R. H.
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