Vonovia plans to sell new construction projects
Vonovia CEO Rolf Buch just wants to spend as much money as he earns
Those: Bloomberg / Krisztian Sorry
The Vonovia housing group has been living beyond its means for years. Now he takes a step towards investors and wants to sell shares, but first of all outside the metropolitan areas.
D.The Vonovia real estate group does not want to make any more acquisitions for the moment and plans to sell portfolios outside the metropolitan areas. “We will no longer be making acquisitions at the moment. We also sell most of our new construction projects to third parties and not ourselves, ”Vonovia CEO Rolf Buch told WELT AM SONNTAG.
Buch also turned down acquisitions in overseas markets, with the exception of Sweden and Austria. “Sweden and Austria are among our main markets and we will continue to develop business there, just as we are developing business in Germany. External growth in other countries is currently not possible due to our acquisition criteria, ”Buch told WELT AM SONNTAG.
The stop to the acquisition is necessary for Vonovia to become independent of further capital market inflows. “In recent years, shareholders have been willing to give us more money than they have received. We have invested around € 1 billion more in our holdings each year than we have earned.
Now we can only invest the money we have earned upfront, “Buch says. Buch also plans to sell some shares.” We plan to sell more ‘non-strategic’ stocks this year, “Buch told WELT AM SONNTAG.
According to Vonovia, these are securities outside the metropolitan areas. The Vonovia boss did not say which ones are involved and to what extent Vonovia wants to meet the residential units.
