Enteignungen in Berlin könnten dem grössten Immobilienkonzern Europas Milliardenverluste bescheren – dabei hat dieser genug eigene Probleme

In Berlin, the largest real estate corporation in Europe, Vonovia, might face massive losses worth billions due to potential state-owned acquisitions of its properties. While the city is experiencing a high demand for housing, Vonovia's situation is complicated. In September, the left-leaning Die Linke party secured the strongest position in the Berlin city parliament elections.

They intended to implement a large-scale expropriation of real estate corporations, a plan currently being contested by the federal government. Vonovia, with approximately 138,000 apartments in the German capital, would be the most affected. The value of its properties in Berlin amounts to around 23 billion euros. Should expropriations take place in Berlin, the crucial factor for the real estate corporation would be the compensation for its apartments.

Vonovia and other companies believe a compensation equal to the market value is necessary, while expropriation advocates argue for a lower compensation. The parties proposing the expropriation have set a limit of 10,000 apartments for private real estate companies in Berlin, to be transferred to community ownership. Vonovia could receive around 13 billion euros in compensation, equivalent to its current market value of 23 billion euros, a significant book loss.

The formation of a left-wing coalition government in Berlin is uncertain, with Green and SPD leaders rejecting expropriations. Vonovia's CEO, Luka Mucic, expressed a cautious stance, stating that the company's commitment to Berlin remains intact. The company has planned to construct 1,000 new apartments in the city, though it has decided to postpone any new projects for now.