GIEAG Immobilien AG: Financial prognosis for 2022 suspended because of strengthened insecurity and limited visibility
The nationwide project developer GIEAG Immobilien AG (GIEAG) is reacting to the significant changes in the current market and interest rate environment, which are accompanied by increasing short-term uncertainties and limited visibility. Against this backdrop, the GIEAG management board decided today to suspend the financial forecast for 2022. The revenue and profit expectations forecast for the current year can in all likelihood no longer be achieved. The reason for this is the current market development, which leads to a significantly slower transaction activity on the real estate market and thus also for GIEAG to significantly lower sales revenues. Further factors are the interest rate increases that have already occurred and are expected to continue, which will result in higher financing costs.