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Deutsche Wohnen enhances portfolio value and increases FFO
The portfolio value of Deutsche Wohnen has increased in the first half of 2017 by almost €900mn. The significant valuation uplift was above all reflected in the Greater Berlin region with approx. €760mn. According to the semi-annual report, approx. 5,400 residential and commercial units were purchased for approx. €850mn, 4,300 of which in Berlin and approx. 1,100 in Leipzig and Dresden. The company sold 2,611 units, including approx. 1,100 apartments in Oberhausen, which went to Peach Property in March with a book profit of approx. €9mn. The company generated a consolidated Group profit of €672mn (+3%). The FFO 1 grew by 11% to €220.8mn. The company has raised its annual forecast for expected like-for-like rental growth from 3.5% to over 4%, and will continue to adhere to its FFO-1 forecast (€425mn excluding further purchases and sales).
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