2023: Vonovia reports €6.76bn annual loss, marking its largest ever, amidst deepening European real estate crisis, due to rising interest rates and costs.
German property giant Vonovia reported an annual loss of €6.76bn ($7.37bn) in 2023, marking its largest ever annual loss and highlighting the deepening real estate crisis in Europe's largest economy. The fall in Vonovia's share price by up to 7% has brought attention to the worsening situation in the German property sector, which is being hit hard by a sharp rise in interest rates and soaring energy and building costs. The company made total value adjustments amounting to around €10.7bn across its portfolio of over 500,000 properties, and its property value, adjusted to reflect investments, fell to about €81.1bn at the end of last year.
March 14, 2024
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