The difficult situation on the real estate market is also leaving its mark on the Dax group.
(Photo: dpa)
Bochum
Falling real estate prices, rising construction costs: Germany’s largest housing group Vonovia is halving the dividend in view of the increasing burden on the real estate market. The payout per share should be EUR 0.85, after EUR 1.66 in the previous year, as the Dax group announced on Thursday evening. The stock recovered slightly in after-hours trading after trading down 4.4 percent.
Analysts had expected a dividend of 1.63 euros per share in Schmitt. The Bochum-based company, which is currently being shaken by a corruption scandal, is following the competition. “We have to adapt to changing conditions,” CEO Rolf Buch justified the cut. With the cap to 85 cents per share, the “right balance” between shareholder interests and the necessary capital discipline has been found.
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