The papers of residential real estate groups are under pressure.
(Photo: IMAGO/Jochen Eckel)
Dusseldorf One day before the annual figures of the largest German residential real estate group Vonovia were announced, there was again bad news for the real estate industry. The third-largest listed residential group TAG from Hamburg had to devalue its real estate portfolio by 5.5 percent in the second half of 2022, while its larger competitor LEG had only written four percent in the past week.
In addition, after TAG and LEG, Grand City Properties also reported that it did not want to pay out a dividend. In a market that was generally positive after the liquidity support for Credit Suisse, real estate values were in some cases clearly in the red. Vonovia was at the end of the Dax in the morning with a discount of around two percent, LEG was listed in the MDax with a minus of 3.3 percent. TAG was down 4.9 percent. Hardest hit was Grand City Properties, which lost 12.5 percent.
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