Grand City Properties heads for worst day ever after dividend suspension

LEG Immobilien SE

16/03/2023 09:49

(Adds peers' share movement)
    ** Shares in Grand City Properties  GYC.DE  fall around 12%,
after German residential real estate company suspended its
dividend payout
    ** "As the market environment has deteriorated and there is
greater uncertainty surrounding macro-economic risks, GCP has
put greater emphasis on preserving liquidity," the company says
in the statement
        ** GCP also posts FY adjusted EBITDA of EUR 308 Mln, up
3% y/y
  
    ** "FY22 rather irrelevant, shares will tank anyway," a
local trader comments
    ** The stock, on track for its worst day ever, is at the
bottom of Germany's small-cap index  .SDAXI 
    ** Its German peers Aroundtown  AT1.DE  falls 7.6%, while
LEG Immobilien  LEGn.DE  slides around 4%
    
    
    ($1 = 0.9427 euros)


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