GRAND CITY PROP. Z.UMT E.

Grand City Properties reports Q1 2026 net rents of €109m (+2%), like‑for‑like rent growth of 3.5% and adjusted EBITDA of €86m. FFO I fell 4% to €46m (€0.26/share), attributed to higher financing costs; liquidity stands at €1.6bn, LTV at 32% and interest coverage at 4.8x. The supervisory board proposes reinstating a dividend of €0.30 per share for 2025 and the dividend policy was adjusted to a payout ratio of 50% of FFO I per share; full‑year FFO I guidance remains at €175–185m. After the report the company issued a €600m perpetual bond to refinance existing debt. » More on de.investing.com

Grand City Properties has issued a €600m perpetual bond with a 5.25% coupon, which will be recognised 100% as equity under IFRS and is expected by S&P to receive a BB+ rating with 50% equity treatment. The issue was oversubscribed among institutional investors. At the same time, a buyback offer for perpetual bonds callable in 2026 with a volume of €602.7m is running until 30 April; notes not tendered are to be called, so the next interest reset dates are not expected until 2031. » More on de.investing.com