Vonovia aims for more growth after record year and rival takeover

Deutsche Wohnen SE

18/03/2022 06:31

BERLIN, March 18 (Reuters) - German real estate giant
Vonovia  VNAn.DE  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)

 (Writing by Paul Carrel
Editing by Miranda Murray)
 ((paul.carrel@thomsonreuters.com))