LUXEMBOURG (dpa-AFX) - Aroundtown subsidiary Grand City Properties felt the impact of higher financing costs in the first quarter. Operating profit (FFO 1) fell by three percent year-on-year to 46.96 million euros, the SDax group announced in Luxembourg on Wednesday. Below the line, the real estate group made a loss of just under 12 million euros due to a lower valuation of its properties. In the same period last year, Grand City Properties had still reported a profit of 46.5 million euros. In contrast, the tenant lots increased by four percent to just under 101.4 million euros in the first three months. The management team headed by Refael Zamir confirmed its targets for the current year./mne/tih