Grand City Properties - comment

As tends to be the case with residential real estate companies, quarterly movements are smaller than for other corporates. Like-for-like rental growth came in at 3.7 per cent, with a one per cent increase in net rental income, despite the impact of disposals. Property valuations rose by 1.6 per cent, all supporting the confirmation of full-year 2025 guidance.

The key point for us is that the presentation includes slides titled “Positioned well for future opportunities” and “Capturing growth”, signalling a shift from balance sheet management towards accretive external growth. We had expected this pivot and believe GCP is likely to pursue acquisitions in the near term.