Real estate investor CMCT inches up in thin volumes
19/09/2024 19:22
** Shares of CMCT CMCT.O , a real estate investment trust
that focuses on multifamily and office properties, inch up 0.5%
to $1.91
** Stock set for first day of gains since halving its
dividend earlier this week, if current levels hold
** The rate cut on Wednesday is expected to ease pressure on
real estate investors, many of whom have been struggling with
high borrowing costs in the last few years
** CMCT had shelved a planned sale of assets this week after
a would-be buyer failed to close the deal
** The company said it would borrow against those assets
instead, and invest the proceeds in premier multifamily
properties
** Stock has lost nearly half of its value YTD
(Reporting by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))