Vonovia with losses in the second quarter: Pressure on rents feared

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Von: NAG Redaktion

Deutschlands größter Immobilienkonzern, Vonovia, hat im zweiten Quartal enorme Verluste verzeichnet. Der bilanzielle Verlust betrug rund zwei Milliarden Euro, was auf die steigenden Zinsen zurückzuführen ist. Im Vergleichszeitraum des Vorjahres hatte Vonovia noch einen Gewinn von 1,8 Milliarden Euro erzielt. Nach jahrelangem Wachstumskurs plant Vonovia laut früherer Angaben den Verkauf von rund 66.000 Wohnungen, um die Verschuldung zu reduzieren. Die Priorität des Dax-Konzerns liegt dabei auf der Senkung der Finanzierungskosten, erklärte Vorstandsvorsitzender Rolf Buch bei der Vorstellung der Quartalszahlen in Bochum. Der Berliner Mieterverein äußerte sich besorgt über den Verlust von Vonovia. Für Mieter bedeuten die Verluste keine guten Nachrichten, …
Germany's largest real estate group, Vonovia, recorded enormous losses in the second quarter. The balance sheet loss was around two billion euros, which is due to the rising interest rates. In the comparison period of the previous year, Vonovia had made a profit of 1.8 billion euros. After years of growth course, vonovia plans to sell around 66,000 apartments to reduce debt. The priority of the DAX group is on the reduction in financing costs, said CEO Rolf Buch when presenting the quarterly figures in Bochum. The Berlin tenant association was concerned about the loss of Vonovia. For tenants, the losses do not mean good news ... (Symbolbild/MB)

Germany's largest real estate group, Vonovia, recorded enormous losses in the second quarter. The balance sheet loss was around two billion euros, which is due to the rising interest rates. In the comparison period of the previous year, Vonovia had made a profit of 1.8 billion euros.

According to years of growth course, Vonovia plans to sell around 66,000 apartments according to previous information to reduce debt. The priority of the DAX group is on the reduction in financing costs, said CEO Rolf Buch when presenting the quarterly figures in Bochum.

The Berlin tenant association was concerned about the loss of Vonovia. For tenants, the losses do not mean good news because the group will endeavor to fulfill investors' profit expectations. Ulrike Hamann, Managing Director of the Berlin Tenants' Association, explained that Vonovia is already exploiting the possibility of rent increase and ignoring social obligations. She added that in this situation there was no affordable new building that could relieve the housing market.

In fact, due to the continued high demand for affordable housing in the metropolitan areas, the group's rental transactions were going well, while the business with project development and additional services in particular developed weaker. The average rent at Vonovia in Germany in Germany was 7.51 euros per square meter. In the three months to the end of June, sales rose 1.5 percent to just under 1.5 billion euros. The company confirmed its annual goals.

vonovia has benefited greatly from the low interest rate phase through acquisitions at home and abroad in recent years. In addition, the group was able to benefit from rising rents in the big cities and new buildings. Vonovia has a total of around 548,000 apartments in Germany, Sweden and Austria and is therefore the largest private housing company in Europe.

The company stated that the performance of Vonovia's real estate was also declining in the second quarter. However, the trend has weakened compared to the previous quarter. Vonovia had already made an unscheduled re -evaluation of the portfolio in the first quarter. Vonovia said that they see cautious signs of market stabilization in most price segments.

The value of the rental portfolio was around 88.2 billion euros at the end of June. At the end of March, the properties were still valued at 91.2 billion euros and even at the end of 2022 with 94.7 billion euros.