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Vonovia looks to foreign markets
Vonovia and the French group SNI have agreed to a partnership to “merge know-how and market expertise and identify common opportunities for growth and investment”. Vonovia CEO Rolf Buch emphasized that its purpose was to explore the market outside of Germany; a decision has not yet been made to invest there. He noted that the market for rental apartments in the Paris metropolitan area is as big as in the eight biggest German cities together. SNI holds about as many apartments as Vonovia, but is state owned, in contrast to the German real estate company. Another difference is that SNI builds 10,000 apartments each year. Vonovia is looking to learn from its French counterpart. Buch said that collaboration in the purchase of building components could be advantageous, adding that looking beyond Germany’s borders didn’t necessarily have to end with France. “We are slowly working our way through Europe.” Interesting locations include large European cities with sizable rental markets, such as the Randstad in the Netherlands.
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