Vonovia Says Remains On Track With EUR 1.8 Bln Liquidity; Sees Flat Liquidity Inflow In FY24

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(RTTNews) - Vonovia SE (VONOY), a German real estate company, announced that it remains well on track and has gained a further 1.8 billion euros in liquidity following sales revenue of 1.5 billion euros in the first half of the year. For 2024, the company expects a total liquidity inflow of around 4 billion euros, same as the previous year's level.

Liquidity inflow since the beginning of the year now amounts to more than 3.3 billion euros.

The company noted three transactions for combined liquidity generation of 1.8 billion euros. The firm disposed 11 development properties for 0.5 billion euros to a new fund set up in August by HIH Invest Real Estate GmbH, and Vonovia. In addition, the fund acquired around 150 million euros in development assets from Quarterback Immobilien AG.

Further, Vonovia and Apollo, as part of their long-term partnership, have agreed to the set up of a company that will hold 20% of the shares in Deutsche Wohnen SE. In this, Vonovia and long-term investors advised by Apollo will be invested. The cash inflow for Vonovia will amount to slightly more than 1 billion euros.

The company added that Deutsche Wohnen sells 27 nursing homes, that are mainly located in the greater Berlin area, for an agreed price of more than 300 million euros. The nursing homes are acquired by a fund managed by care sector specialists Civitas Investment Management. Alloheim Group, a company in the care sector, will take over the operation and all employees.

The liquidity inflow of all transactions is expected at the end of 2024 / first half of 2025.