Grand City buys new buildings in London
Grand City Properties, who has mainly focused on German residential property in the past, has sold assets worth €400mn so far this year and intends to use the funds for acquisitions primarily in London, mainly new structures in premium residential districts. The British capital already accounts for 7 % of the company’s portfolio. Other “selective” acquisitions are planned in prime locations in Berlin. Grand City’s portfolio grew between December and September from about €6.4bn to €6.9bn, FFO increased by 15 % to €150mn. The firm reports like-for-like rental increases of 3.3 %, of which 0.4 percentage points are due to vacancy reduction.
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