Grand City Properties SA's cash tender offer to purchase its €500.0 million of 2.00% notes due 2021 expired Feb. 23.

The property operator and manager said that €40.6 million aggregate principal amount of a total of €179.4 million of outstanding notes were validly tendered, which the company has decided to accept for purchase at a price of 106.129% of the principal amount.

Grand City Properties expects the settlement of the notes accepted for purchase to occur Feb. 27. Following the settlement, €138.8 million aggregate principal amount of notes will remain outstanding.

Deutsche Bank AG, London branch; Goldman Sachs International; Merrill Lynch International; and Morgan Stanley & Co. International plc are the dealer managers, while Lucid Issuer Services Ltd. is serving as tender agent.