XTRA:GYCReal Estate
Should Grand City Properties’ Perpetual Refi Savings Reshape Its Resilience Story for (XTRA:GYC) Investors?
Grand City Properties S.A. earlier this year completed a €600 million perpetual notes refinancing, replacing about €500 million of higher-coupon notes and repurchasing roughly €100 million of its €700 million 1.5% perpetual notes ahead of their 2026 call date.
This move is expected to cut annual coupon costs by about €7 million, lift funds from operations, and strengthen its credit profile under S&P’s methodology.
Next, we examine how these perpetual note coupon savings shape Grand City...