The French real estate giant Gecina has announced that it plans to reduce its dividend for 2019 and that it is suspending its roadmap for this year, whilst it continues to evaluate the impact of coronavirus on its business, according to the firm.
The company is now proposing to pay shareholders €5.30 per share, compared to the €5.60 it was going to pay before the pandemic began to spread. In this way, Gecina is following the recommendations of the French Government to moderate dividends. The figure covers the company’s legal obligations under the SIIC tax system, which is similar to the Spanish Socimi and Anglo-Saxon REIT regimes.
