BOCHUM (dpa-AFX) – The takeover of Deutsche Wohnen has given Germany’s largest real estate group Vonovia a further boost. The company also benefits from its new buildings. Vonovia confirmed its annual sales and earnings targets on Wednesday in Bochum. Because of the turnaround in interest rates, Vonovia wants to further reduce its debt and is therefore also planning real estate sales worth billions. The stock gained about 3 percent in morning trading.
“In times of higher interest rates, it makes sense to reduce debt,” said company boss Rolf Buch in a conference call. Vonovia is therefore planning to sell around 66,000 apartments with a value of around EUR 13 billion in the coming years. Vonovia has already identified apartments and apartment buildings that would be suitable for sale. “It has nothing to do with a sell-out,” emphasized the manager. Vonovia has sold a total of 120,000 apartments since going public in 2013.
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