The loss followed further writedowns in the value of its property holdings, and the company also announced it would again suspend its dividend for 2023 to strengthen capital.

Its loss for the year was 410.9 million euros ($449.4 million), compared with profit of 117.3 million euros in 2022.

TAG said that it had written down its portfolio by 4.1% in the second half of the year, after a 7.4% decrease in the first half and bringing values down 16% from their peak in mid-2022.

"The very significant part of the value adjustments should now be behind us," said Martin Thiel, TAG's finance chief and co-chief executive officer.

On Monday, TAG's larger competitor LEG Immobilien also reported a full-year loss after writedowns but said the "peak of the real estate crisis is behind us".

($1 = 0.9144 euros)

(Reporting by Tom Sims; editing by Bartosz Dabrowski)