Aroundtown shares fall 10% to record low on dividend angst

Grand City Properties SA

22/03/2023 14:46

** Aroundtown  AT1.DE  leads heavy drop in real estate  .SX86P 
in Europe, down as much as 10% to record low on market concerns
the German-listed real estate company could cancel its dividend 
** Weighing on the shares there's "next week FY22 numbers and
angst that it also cancels dividend like its subsidiary",  says
a Frankfurt-based trade
** Aroundtown did not immediately respond to an emailed request
for comment
** Its Grand City Properties (GCP)  GYC.DE  subsidiary suspended
its dividend payout last week 
** A London trader says some international brokers see dividend
at zero, noting also: "AT1 and GCP both decided recently not to
call the perpetual notes maturing in January, referring to high
refinancing rates and their focus to preserve liquidity"
** By 1429 GMT, Aroundtown down 8.7%. Vols 1.5 times 30-day avg;
STOXX 600 Real estate down more than 3% to 5-month low 

 (Reporting by Danilo Masoni, editing by Joice Alves)
 ((Danilo.Masoni@TR.com))