Grand City Properties Raises FFO I Guidance to €185–195 Million
Grand City Properties raised its current-year FFO I guidance by €10 million. It cited its acquisition of an approximately 20% stake in LEG Immobilien; the full impact is expected next year.
Grand City Properties (GCP), a subsidiary of Aroundtown SA, has raised its operational profit (FFO I) guidance for the current year to a range of 185 to 195 million euros. This adjustment represents an increase of 10 million euros over the previous forecast. The company attributed the improved outlook to its recent acquisition of a approximately 20 percent stake in LEG Immobilien, which it classifies as a financial investment. Management noted that the full impact of the LEG stake is expected to be realized in the coming year.
GCP reported that it benefited from higher rental income in the first nine months of the year, though rising financing costs led to a four percent decline in FFO1 to 135.7 million euros for that period.