Vonovia rises after dividend proposal

Grand City Properties SA

17/03/2023 07:26

** Shares in Vonovia  VNAn.DE  are up 2.2% in early
Frankfurt trade after the German housing giant proposed a
dividend for 2022, in contrast to several of its peers that have
suspended their policy recently
    ** The group said it would propose a dividend of 0.85 euros
($0.9050) per share for 2022, lower than the 1.66 euro it paid
for 2021
    ** A local trader says while the company's dividend proposal
isn't as high as most analysts predicted, it should be seen as a
"clear relief" as it wasn't scrapped, given such moves by other
real estate companies including LEG Immobilien  LEGn.DE  and
Grand City Properties  GYC.DE 
    ** The firm lowered its 2023 outlook, expecting total EBITDA
in the range of 2.6-2.85 billion euros compared to the previous
guidance of 2.8-2.9 billion euros
    ** "Shares traded very weak into this report...so, report
and FY23 outlook isn't great, but shares should bounce anyway,"
adds the trader
    ** As of Thursday's close Vonovia's stock was down 13% YTD,
on top of around 55% fall last year

($1 = 0.9392 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))