In view of rising construction costs, the group intends to sell more new buildings than originally planned over the course of the year.
(Photo: imago images/Sabine Gudath)
Dusseldorf The real estate giant Vonovia has started the year with growth after a record year and the takeover of its smaller competitor Deutsche Wohnen. Vonovia boss Rolf Buch confirmed his sales and profit forecast on Thursday. In view of rising construction costs, however, he wants to sell more new buildings than originally planned in the course of the year.
In the first three months, profit from the operating business (Group FFO) – driven by the takeover of Deutsche Wohnen – increased by 44.4 percent to 564 million euros, as Vonovia announced on Thursday.
If the takeover is factored out, the result is an increase of 7.7 percent to 420 million euros. “Vonovia continues to grow under its own steam and can react to the current market situation from a position of strength,” said Buch.
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