Entertainment: vonovia wants to sell around 66,000 apartments

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Germany's largest real estate group Vonovia wants to sell around 66,000 apartments with a total value of around 13 billion euros in the coming years. "In times of higher interest rates, it makes sense to reduce debts," said CEO Rolf Buch on Wednesday in Bochum.

Das Logo des Wohnungsunternehmens «Vonovia» ist an der Firmenzentrale in bochum: Deutschlands größtes Immobilienunternehmen hat seine Geschäftszahlen für das erste Halbjahr veröffentlicht. © Marcel Kusch/dpa The logo of the “Vonovia” housing company is at the company headquarters in Bochum: Germany's largest real estate company has published its business figures for the first half of the year.

Vonovia has already determined apartments and apartment buildings that would be suitable for a sale. "It has nothing to do with a sale," emphasized the manager. Vonovia has sold a total of 120,000 apartments since the 2013 IPO. A separation from the nursing home division is also checked.

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Vonovia is Europe's largest private housing company. The group has around 550,000 apartments in Germany, Sweden and Austria. There are also around 71,400 managed apartments. The portfolio value is around 99 billion euros.

operative profit increased

The takeover of German living has given vonovia book further boost. In the first half of 2022, Vonovia was able to increase the operational profit (FFO), primarily by this step by 36 percent to 1.06 billion euros, as the real estate giant announced on Wednesday. In the first six months, sales climbed by almost 35 percent to 3.1 billion euros.

The bottom line was that the profit decreased by a third to almost 1.8 billion euros due to the significantly sunken share price of the Adler Group. A few months ago, Vonovia became the largest shareholder at the industry rival Adler Group, which had come into heavy fairway. The group secured a share of 20.5 percent in the competitor by means of the deposit utilization.

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A takeover of Adler, however, is no longer an option for the Vonovia boss. "The markets have changed and therefore for us the original consideration of taking over the Adler Group is definitely off the table," he told the financial news agency dpa-AFX. The decision of back then could therefore also be critically questioned.

The rent in the group rose to an average of 7.44 euros per square meter at the end of June - that was two percent more than a year earlier. Modernized apartments in particular contributed to the growth. Costs for energetic renovations such as thermal insulation as well as the exchange of old heating systems and windows can partially convert the corporations to rent. In Germany, the average rent was 7.32 euros per square meter at the end of June.

Together with tenants find solutions

Many people are currently in great concern to no longer be able to bear the heating costs for heating due to the current energy crisis, Buch said when presenting the quarterly figures. Vonovia will find a solution together with the tenants if someone could no longer afford their apartment due to increased heating and hot water costs. The company has also found similar solutions since Corona pandemic.

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In order to save as much natural gas as possible in the stocks, Vonovia decided in the statutory framework to reduce the heating temperature at the gas central heating. The real estate group relieves the tenants with the foreseeable rapidly increasing energy costs and the environment. In addition, vonovia adapt to the advance payments to avoid high additional claims at the end of the year.

The North Rhine-Westphalian SPD state chief Thomas Kutschaty, however, had a significant criticism of the real estate group. The social democrat said the “Neue Ruhr/Neue Rhein Zeitung” (Thursday) that people with low incomes currently have to turn every cent twice. «The expensive shock hits them hard in all areas of everyday life. You can almost speak from Vonovia's coldness. » To enter billions in profits and to ask the tenants more and more to checkout, that was “anti -social market economy,” criticized Kutschaty.

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