Grand City Properties mulls repurchasing some 2% notes due 2021

By Susanna Moon

Chicago, Aug. 23 – Grand City Properties SA said it is considering buying back some of its €500 million of 2% notes due 2021.

The buybacks would be negotiated with holders as part of the company’s plan to optimize its maturity profile, according to an announcement.

The company said it holds about €361 million of the bonds in treasury.

Holders had tendered €320.6 million of 2% notes at a purchase price of 106.888% of par in the tender that ended at 11 a.m. ET on July 28.

Grand City Properties is a Luxembourg-registered specialist real estate company focused on investing in and managing value-added opportunities in the real estate property market in Germany, primarily in densely populated areas.

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