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GCP Student Living

Strong FY18 progress and positive outlook

Update | Financials | 12 Sep 2018

GCP Student Living (DIGS) saw strong growth in FY18 rental income, driven by an increasing number of operational beds, continuing full occupancy and good levels of rental growth. Growing dividends should be fully covered once current development projects are completed and let. Capital values also grew, with investor interest in the asset class remaining strong, contributing to 11.5% NAV total return for the FY18 year. The company continues to find attractive investment opportunities, maintaining its selective approach to investment, both by location and asset quality, and is seeking to raise up to GBP 55m in a share pacing.

GCP Student Living

Quality assets in and around London

Initiation | Financials | 30 May 2018

GCP Student Living (DIGS) REIT provides exposure to the specialist purpose-built student accommodation real estate sector, with a focus on London (95% of the investment portfolio value). The sector benefits from a positive demand-supply balance and good levels of rental growth, while being much less exposed to economic-led cycles than mainstream commercial real estate. With a growing student population and competing demands for space, the supply shortage in London is particularly acute. DIGS aims for regular sustainable dividends with RPI-inflation linked characteristics and modest capital appreciation. Shareholder returns since the IPO are well ahead of the 8–10% long-term target.

Grand City Properties

Value-add specialist

Initiation | Financials | 25 Apr 2017

Grand City Properties (GCP) is a specialist residential real estate company investing in underperforming assets in major German urban centres. Its €4.9bn portfolio has grown at a compound rate of 85% in the past four years and its revenues have increased more than tenfold. This growth, combined with asset management and modernisation, has seen EPRA NAV reach €2.5bn in 2016, from just €47m in 2010. Although portfolio growth has slowed, GCP has substantial firepower to make acquisitions, with cash and liquid assets of €632m and an LTV of just 35%. Despite this track record, the growth potential and a dividend yield above the sector average, it trades on a discount to both forecast NAV and its sector peers.

Grand City Properties

Profitable planned progress

Update | Property | 01 Dec 2014

GCP's model continues to deliver. Its rent roll is increasing rapidly through the acquisition of properties, but also through their better management. Like-for-like rent is increasing and occupancy improving. Acquisitions to date have been a little faster than we had expected and we have increased our 2014 revenue and pre-tax profit forecasts accordingly. The mix of profits generated a higher “funds from operations” (FFO). Debt continues to be well managed, with an LTV at end Q314 of 40% (26% if convertibles are exercised).

Grand City Properties

Growth continues ahead of forecasts

Update | Property | 20 Aug 2014

Grand City Properties (GCP) continues to grow its portfolio ahead of expectations. At end July it owned c 35k units, up from 30k at end March and 26k at end 2013. Its core strategy of buying undermanaged properties, and with financial and human investment improving occupancy and rental levels, continues to deliver good revaluation gains. We have raised estimates to reflect the above-expected growth in H114.

Grand City Properties

Q114 delivering as promised

Update | Property | 22 May 2014

Grand City Properties (GCP) is a German residential turnaround property specialist. The Q114 results saw a strong underlying business performance driven by acquired portfolios. We have not adjusted forecasts for this, but our conservative assumptions on fair value gains were materially outperformed and we have increased estimates for these. This increases our average valuation from €10.5 to €10.7 per share.

Grand City Properties

German residential turnaround specialist

Initiation | Property | 02 May 2014

Grand City Properties (GCP) is a German residential property specialist. It identifies undermanaged properties in selected urban areas using its multi-year relationships with introducers to buy them at good prices. It then applies better management and targeted investment to reduce vacancy and improve rents. While the vast majority of the portfolio is held long-term post refurbishment for rental income, up to 10% of the portfolio will be sold for capital gains. 2013 delivered on all the strategic objectives and 2014 should benefit from operational leverage and lower funding costs.