Vonovia rises after 'encouraging' Q3 update

LEG Immobilien SE

03/11/2023 09:04

** Shares in Vonovia  VNAn.DE  rise 3.2% after Germany's
largest real estate group reported in-line Q3 results and
confirmed its 2023 guidance, even as it expects FFO to be
"moderately lower" next year
        ** A local trader says Vonovia's Q3 came in line with
expectations
  
    ** "FFO guidance for 2023 is inline, and for 2024 a moderate
decline should not surprise in our view," J.P.Morgan says
    ** JPM notes also progress on disposals and that additional
unsecured debt has been arranged since the first-half
    ** "Overall, we see this as an encouraging update that shows
Vonovia continuing to make progress," it says
    ** The stock is among best performers on Germany's blue-chip
index  .GDAXI 
    ** Its German peers LEG Immobilien  LEGn.DE  and TAG
Immobilien  TEGG.DE  rise between 0.7% and 1.3%

($1 = 0.9409 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))