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German residential real-estate company owning rental apartments, focused on upgrading undervalued properties in secondary cities.
German residential real-estate company owning rental apartments, focused on upgrading undervalued properties in secondary cities.
Earns rent from many apartments in German cities, buying under-managed buildings, renovating and re-letting to raise rent per square metre and cut vacancy, so value comes from the improvement it makes. Aroundtown, a large German-focused landlord, is its controlling shareholder. German rent rules limit increases on existing leases.
In one line: A German value-add apartment REIT.
Moat: narrow (scale, installed base). Niche expertise in acquiring and upgrading undervalued residential portfolios, but rent regulation and leverage constrain returns.
Headquarters: Luxembourg City, Luxembourg · Founded: 2004 · Employees: 771
Size Grand City Properties (GYC.DE) is a Germany Real Estate company (Real Estate Development) with a market value of $1.42B, the 125th largest of 205 Germany companies the cockpit tracks. Shares closed at €7.58 on 6 Nov 2026.
Performance Over six months the shares fell 18.9%, against -13.8% for the median peer and +2.6% for the Germany market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 2.4% over the last twelve months (peer median +4.0%); the operating margin is 54.6% (peer median 15.0%).
Valuation It trades at 5.3× forward earnings against a peer median of 12.8× (cheapest of 14).
Credit Grand City Properties has 7 bonds outstanding ($4.79B), rated BBB by the agencies and trading like BB+ at a weighted spread of 147 bp.
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €612M | €601M | €597M | €608M | €583M |
| Revenue growth | — | +1% | -2% | +4% | — |
| Gross profit | €344M | €341M | €337M | €319M | €306M |
| EBITDA | €342M | €337M | €333M | €318M | €306M |
| Net income | €395M | €470M | €197M | -€548M | €129M |
| Free cash flow | €197M | €215M | €217M | €198M | €165M |
| Capital expenditure | €3.12M | €2.49M | €2.63M | €2.55M | €4.53M |
| Total debt | €5.58B | €5.75B | €5.77B | €5.77B | €5.22B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Grand City Properties GYC.DE | $1.42B | -19% | +2% | 55% | 5.3× | n/a |
| Vonovia VNA.DE | $16.1B | -24% | -17% | 40% | 9.4× | n/a |
| LEG Immobilien LEG.DE | $4.39B | -11% | +1% | 34% | 8.1× | n/a |
| Aroundtown AT1.DE | $2.04B | -32% | +1% | 60% | 5.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GYC.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.8% | -0.7% | highest of 21 |
| 6-month return | -18.9% | -13.8% | 6th lowest of 20 |
| Distance from 52-week high | -32.4% | -27.1% | 9th lowest of 21 |
| Revenue growth (TTM) | +2.4% | +4.0% | 11th highest of 21 |
| Operating margin | 54.6% | 15.0% | 6th highest of 21 |
| Forward P/E | 5.3× | 12.8× | cheapest of 14 |
| Bond spread | 147 bp | 202 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Grand City Properties GYC.DE | Germany | $1.42B | -19% | +2% | 55% | 5.3× | n/a | n/a |
| China Overseas Property 2669.HK | Hong Kong | $1.41B | -17% | +11% | 11% | 7.0× | n/a | n/a |
| Sobha SOBHA.NS | India | $1.44B | -12% | +10% | 4% | 29.9× | n/a | n/a |
| Atrium Ljungberg ATRLJ-B.ST | Sweden | $1.45B | -24% | +8% | 55% | 12.3× | n/a | n/a |
| Deutsche EuroShop DEQ.DE | Germany | $1.40B | -16% | +2% | 76% | 9.5× | n/a | n/a |
| NP3 Fastigheter NP3.ST | Sweden | $1.45B | -14% | +11% | 72% | 13.9× | n/a | n/a |
| Intea Fastigheter INTEA-B.ST | Sweden | $1.45B | -11% | +28% | 79% | 14.4× | n/a | n/a |
| Cham Swiss Properties CHAM.SW | Switzerland | $1.38B | -5% | -78% | 32% | 102.7× | n/a | n/a |
| Grandjoy 000031.SZ | China | $1.38B | -30% | -25% | 3% | n/a | n/a | n/a |
| Shanghai Chengtou 600649.SS | China | $1.38B | -14% | -53% | 6% | 28.3× | n/a | n/a |
| Evergrande Property Services 6666.HK | Hong Kong | $1.37B | -34% | +9% | 10% | n/a | n/a | n/a |
| Shanghai Jinqiao Export Processing Zone Development 600639.SS | China | $1.37B | -10% | +203% | 23% | 5.7× | n/a | n/a |
| Zug Estates ZUGN.SW | Switzerland | $1.37B | -2% | +1% | 62% | 27.3× | n/a | n/a |
| Shenzhen Heungkong 600162.SS | China | $1.48B | +63% | -25% | -1% | n/a | n/a | n/a |
| Opendoor Technologies OPEN | United States | $1.36B | -72% | -37% | -16% | n/a | n/a | n/a |
| China Merchants Property Operation & Service 001914.SZ | China | $1.36B | -16% | +6% | 5% | 9.8× | n/a | n/a |
| Seazen 1030.HK | Hong Kong | $1.36B | -36% | -35% | 16% | 12.8× | n/a | n/a |
| Starts 8850.T | Japan | $1.35B | -6% | +7% | 14% | 7.8× | n/a | n/a |
| GreatTown 600094.SS | China | $1.51B | -2% | -36% | 4% | n/a | n/a | n/a |
| Horizon Industrial Parks HORIZONIND.NS | India | $1.33B | n/a | +83% | 44% | n/a | n/a | n/a |
| Gmp Property SOCIMI YGMP.MC | Spain | $1.33B | -4% | 0% | 53% | n/a | n/a | n/a |
Grand City Properties has 7 bonds outstanding with $4.79B face value. The agencies rate it BBB; its bonds trade like BB+. Weighted yield 4.44%, a spread of 147 bp over government bonds.