Grand City Properties shares slip after dividend suspension

Grand City Properties SA

13/03/2024 08:40

** Shares in Grand City Properties  GYC.DE  slip around
3%after the German residential real estate company suspended its
dividend payout for the second year in a row, due to
macro-economic environment
    ** "While the market situation has recently shown certain
improvements, macroeconomic uncertainty remains," the company
says
    ** It also warns of uncertainty over its leverage
development saying transaction markets have yet to open up
sufficiently
    ** Jefferies flags the dividend suspension is likely to be a
disappointment for the consensus, which had expected a 0.39 euro
dividend
    ** The stock is at the bottom of Germany's small-cap index 

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))