EANS-News: Grand City Properties S.A. /

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Annual Reports

Luxembourg (euro adhoc) - Luxembourg, 20 March 2013

Grand City Properties S.A.

Year end 2012 audited financial results exhibit strong operational
growth, conservative capital structure, significantly improved
performance and reflect an adequate platform for future growth:

* EBITDA increased to EUR122.4million
* Net profit increased to EUR92.9million
* Revenues increased to EUR60.4million
* EPRA NAV improved to EUR243.1million
* Loan-to-Value decreased to 46.63%
* High liquidity with EUR81million cash balances

Luxembourg, 18 March 2013 - Grand City Properties S. A. ("GCP" or the
"Company") demonstrated strong and improved performance with reported
EBITDA of EUR122.4million, reflecting an increase of 45% compared to
last year. Net profit increased to EUR92.9million in comparison to
EUR58.7million in 2011 (including non-controlling interests),
reflecting a 58% increase to 2011. GCP achieved strong and stable
operational growth with revenues of EUR60.4million, reflecting an
increase of 129% compared to the prior year.

The investment portfolio increased to EUR560million (including joint
ventures), a 72% growth compared to 2011.

Net Assets Value (EPRA NAV) amounted to EUR243million in 2012, an
increase of 119% from EUR111million in 2011.

GCP maintains a sustainable and conservative capital structure. LTV
has decreased to 46.6% in 2012 from 50.3% in 2011, with long term
loan maturities ranging from 2017 till 2021.

The high cash balances of EUR81million provides GCP sufficiently
equipped liquidity for future growth to perceive attractive
opportunities and accomplish its goals. GCP's share capital increased
by EUR20million from two successful capital increases.

An additional achievement has been the completed placement of bonds
(the "Bonds"), convertible into ordinary shares of GCP, with an
aggregate principal amount of EUR100million. The Bonds were offered
to institutional investors in a private placement in Europe, managed
by Credit Suisse.

Furthermore, GCP received in February 2013 gross proceeds of
EUR35.7million from additional capital increase as part of an
international private placement to institutional investors.

S&P assigned Grand City Properties, a BB- Rating and ilA rating with
a stable Outlook. The rating applies also to the convertible bonds.

GCP's effective growth strategy is set to continue. The Company is in
advanced stages to purchase over 3,500 units in several transactions
predominantly in Berlin, NorthRhineWestphalia and Nürnberg. The
Company believes its platform has the right skills and systems to
continue to perform strongly and to further expand in the German
market.

GRAND CITY PROPERTIES S.A.

Grand City Properties S.A. is a specialist real estate company
focused on investing in and managing turnaround opportunities in the
German real estate property market.

Grand City Properties S.A.'s business model is focused on buying
apartment buildings with strong underlying fundamentals which are not
optimally managed or positioned, and turning them around through
targeted modernisation and intensive tenant management. This enables
the Company to create significant value in its portfolio.

The full financial statements are presented in the company's website.

Contact:
Grand City Properties S.A.
6, boulevard Pierre Dupong
L 1430 Luxemburg
www.grandcityproperties.com

Further inquiry note:
Herr David Netzer
Tel.: 004930887088-168/004930887088-192
E-Mail: david.netzer@grandcity.lu

end of announcement euro adhoc
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company: Grand City Properties S.A.
boulevard Pierre Dupong 6
D-L-1430 Luxembourg
phone: 0035226187379
FAX: 0035226187779
WWW: http://www.grandcityproperties.com
sector: Real Estate
ISIN: LU0775917882
indexes: Entry Standard Index
stockmarkets: Open Market: Frankfurt
language: English