The Residential Real Estate Investor $GYC (-1,55%) Grand City Properties increased its rental income by 4% to 331 million euros in the first three quarters. However, partly due to higher financial expenses, operating profit (FFO I) fell by 4% to 136 million euros. By the end of September, the company had completed residential property purchases totaling 200 million euros—at 14 times the book value—primarily in Germany and London. More than half of these transactions took place in the third quarter. Subsequently, Grand City acquired a 20% stake in LEG Immobilien. The shares in question have a market value of approximately 700 million euros, while the corresponding portion of the LEG portfolio has an equity value of 1.8 billion euros. To finance this, Grand City secured a two-year loan of 600 million euros. In addition, a short-term bond issue of 500 million euros was issued. Due to the LEG investment, the company is raising its annual FFO forecast by 10 million euros to between 185 and 195 million euros.