Dutch retail specialist Wereldhave has decided to withdraw the previously announced final dividend for 2019 to retain cash ‘in light of current uncertainties regarding the Covid-19 situation’.
‘For the year 2019 the company has already distributed €1.89 per share by way of interim dividends which covers the company’s dividend distribution obligation. The proposal to make a final distribution of €0.63 is cancelled by the company in order to strengthen the liquidity.’
The company will also not pay quarterly interim dividends regarding the fiscal year 2020.
Wereldhave has yet to give an update on the impact of coronavirus on its portfolio. In mid March the firm, which owns shopping centres in Belgium, France and The Netherlands, said the outbreak was having ‘unprecedented’ effects on its portfolio.
‘These circumstances will not waive any contractual rental obligations unless otherwise directed by local law or regulations. However, Wereldhave will determine on a case-by-case basis how to deal with the contractual obligations of tenants during these extraordinary circumstances,’ the company added. In order to safeguard the company’s liquidity profile, Wereldhave has postponed any additional capital expenditures where realistically possible.
