DGAP-Adhoc

Grand City Properties S.A. announces switch in management and board positions as from 1 October 2020

DGAP-Ad-hoc: Grand City Properties S.A. / Key word(s): Real Estate/Personnel Grand City Properties S.A. announces switch in management and board positions as from 1 October 2020 24-Sep-2020 / 14:00 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS Disclosure of an inside information acc. to Art. 17Sec. 1 of the Regulation (EU) No. 596/2014 (Market Abuse Regulation - MAR)

Grand City Properties S.A. announces switch in management and board positions as from 1 October 2020

Luxembourg, September 24, 2020, 13:30 CEST - the board of directors of Grand City Properties SA (the "Company") resolved today that effective as of 1 October 2020 Mr. Christian Windfuhr will withdraw from his position as the CEO (Daily Manager - administrateur-délégué) in order to replace Mr. Refael Zamir as a member and chairman of the board of directors as of that date. Mr. Refael Zamir will become the Company's CEO (Daily Manager - administrateur-délégué) effective as of 1 October 2020. Mr. Zamir will continue to serve as the Company's CFO.

About the Company

The Company is a specialist in residential real estate, value-add opportunities in densely populated areas primarily in Germany. The Company's strategy is to improve its properties by repositioning and intensive tenant management, and then create value by subsequently raising occupancy and rental levels. Further information: www.grandcityproperties.com

Grand City Properties S.A. (ISIN: LU0775917882) is a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 1, Avenue du Bois, L-1251 Luxembourg, Grand Duchy of Luxembourg and being registered with the Luxembourg trade and companies register (Registre de Commerce et des Sociétés Luxembourg) under number B 165 560. The shares of the Company are listed on the Prime Standard segment of Frankfurt Stock Exchange.