Vonovia, Germany's Largest Real Estate Group, Reports €529 Million Loss in H1 2024
Germany's largest real estate group, Vonovia, has reported a loss of €529 million in the first half of 2024, narrower than the €4.13 billion loss in the same period last year. The company forecasts a turnaround in the industry after a decade-long boom.
Real EstateGermanyVonoviaProperty CrisisRolf BuchReal Estate NewsAug 01, 2024
Buch built Vonovia through a series of multi-billion-euro takeovers, resulting in a debt mountain as the property crisis struck, forcing the company to sell swathes of homes. However, he hopes to resume buying apartments after concluding a sales programme this year. Vonovia forecasts full-year profit guidance to be at the upper end of its targets, and its shares rose 2.5% in early trade.
Frequently Asked Questions
What is Vonovia's loss in the first half of 2024?
Vonovia reported a loss of €529 million in the first half of 2024.
How does this compare to the same period last year?
The loss is narrower than the €4.13 billion loss in the same period last year.
What is the reason for the loss?
The loss follows a writedown in the value of Vonovia's apartments by 1.7% during the first half of the year.
What is Vonovia's forecast for the full year?
Vonovia forecasts full-year profit guidance to be at the upper end of its targets.
Who is Vonovia's CEO?
Rolf Buch is the CEO of Vonovia.
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