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Vonovia aims for more growth after record year and rival takeover

Vonovia aims for more growth after record year and rival takeover
Vonovia aims for more growth after record year and rival takeover   -   Copyright  Thomson Reuters 2022
By Reuters

BERLIN – German real estate giant Vonovia said on Friday it is on course for “significant growth” after a record year and the acquisition of smaller rival Deutsche Wohnen in 2021.

The group reported an 18.8% increase in EBITDA (earnings before interest, tax, depreciation and amortisation) to some 2.3 billion euros ($2.55 billion) for 2021.

Vonovia expects to fully integrate Deutsche Wohnen by the beginning of 2023 and said it was sticking to a synergy target of 105 million euros in 2024 after the takeover.

“In 2021, we achieved the goals we set ourselves and partly even exceeded them,” CEO Rolf Buch said in a statement. “Likewise, our guidance for 2022 shows significant growth.”

For 2022, Buch added: “We’re anticipating to increase our turnover, EBITDA and Group FFO (funds from operations) by more than 20%.”

($1 = 0.9021 euros)