Real Estate: Vonovia benefits from higher rental income – CFO leaves
Things did not go well for Vonovia in all areas - higher interest rates make real estate sales more difficult. Meanwhile, long-standing CFO Philip Grosse is not extending his contract.
Vonovia, Germany's largest residential real estate company, reported increased rental income for the first nine months. The company's ancillary services business also performed well, but sales of apartments and new construction projects were negatively impacted by rising interest rates. Vonovia sold properties worth around 900 million euros in the period, and its portfolio comprised 527,488 apartments in Germany, Sweden, and Austria.
The company's monthly rent rose 3.5% year-on-year to 8.57 euros per square meter, with German rents averaging 8.41 euros per square meter, up 1.1% from the previous year.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
