Vonovia: Portfolio value rises to €44bn after takeovers

07/03/2019

Vonovia increased its FFO 1 by 15.8% to €1.07bn in 2018, meeting its forecast. The takeovers of Victoria Park in Sweden and Buwog in Austria contributed significantly to this. Its real estate portfolio is now valued at €44.2bn, up from €33.4bn in 2017. The portfolio consists of 396,000 apartments, 90% of which are in Germany. The average rent amounts to €6.52/sqm (+4.3%). This price was increased by around €1.50/sqm after modernization measures. In response to criticism of rent increases, Vonovia reduced its renovation rate from 5% to 3% and will invest more in new buildings and modifications to existing stock, as well as projects in Sweden. Last year Vonovia completed 1,100 apartments which average between 60 sqm and 70 sqm in size. New buildings are now being planned for Dortmund, Cologne, Berlin, Leipzig, Hamburg and Vienna. FFO in 2019 is expected to be increased to between €1.14bn and €1.19bn.


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