InCity Immobilien AG Slashes 2023 Earnings Forecast Due to Major Property Depreciation

• InCity Immobilien AG has significantly reduced its earnings forecast for 2023 due to an extraordinary depreciation of the portfolio property at "Stiftstrasse 18/20" in Frankfurt.
• The planned sale of approximately 89% of the shares in the property company holding the portfolio property led to an external market valuation of the property.
• The market valuation resulted in a non-liquidity-related extraordinary depreciation on the property amounting to approximately EUR 1.9 million.
• The Management Board now anticipates a consolidated net loss between EUR 5.0 million and EUR 5.5 million for the InCity Group in the 2023 fiscal year.
• The sale of the portfolio property is being prepared, and the market price of the property is EUR 5.5 million.
• The remaining six portfolio properties in Berlin are expected to have long-term value stability.

The price of InCity Immobilien at the time of the news was 1,2350EUR and was down -0,80 % compared with the previous day.

InCity Immobilien

-0,24 %

-3,97 %

-9,07 %

-14,38 %

-18,45 %

-23,89 %

-9,87 %

-5,65 %

-90,66 %

ISIN:DE000A0HNF96WKN:A0HNF9

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