Profit from operations (Group FFO) fell by 17.8 percent to EUR 462.6 million in the first quarter.
(Photo: dpa)
Dusseldorf A few weeks after the first billion-dollar transaction, Germany’s largest real estate group Vonovia sold another large real estate portfolio. The Dax group sold a real estate package with 1,350 apartments for around 560 million euros to the investor CBRE Investment Management, as the group announced on Thursday.
“Sales are difficult, but they are still possible,” said CEO Rolf Buch at a conference call when presenting the figures for the first quarter. The two deals bring the group a total of around 1.6 billion euros, after there had hardly been any major sales on the market in recent months due to high interest rates and falling real estate prices.
However, the trend reversal on the real estate market is also causing the value of the Vonovia portfolio to fall: At the end of the first quarter, the Group carried out an unscheduled revaluation of the entire portfolio. The market value of the real estate portfolio then fell to 91.2 billion euros (end of 2022: 94.7 billion).
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Further
Read on now
Get access to this and every other article in the
web and in our app.
Further