Grand City Properties - comment

In a further sign that European property markets is normalising, Grand City Properties are extending their maturity profile with two transactions.  Grand City Properties have mandated Cit, Credit Agricola, Goldman Sachs and JPMorgan to arrange a series of investor calls intending to issue a BBB+ 5yr bond, subject to market conditions.  Concurrently, but independent of the potential new issue, the Company is tendering for all of its 2025 bonds at 98.2%, and via a Dutch auction for its 2026 and 2027 bonds.