Vonovia doubled the size of its portfolio of residential property assets last year and recorded 2.9% rental growth.
The listed German property company’s takeover of Gagfah in late 2014 boosted its portfolio to €24.2bn.
Profit rose 112% to €608m over the year.
Rolf Buch, chief executive of what was formerly Deutsche Annington, said: “Following the merger with Gagfah, we continued on the path to success under our new name, Vonovia.”
The company’s portfolio increased to include 357,000 apartments, due to the integration of Gagfah and Südewo.
It said it expected a 15% increase in profits to €690m-710m this year.
Vonovia’s plans to take over Deutsche Wohnen recently hit the buffers after the latter’s shareholders failed to meet a minimum 50% acceptance threshold.
The merger would have created a company with a portfolio of approximately 500,000 residential units and a €20bn market capitalisation.
Buch said: “As you know, the offer we made to the shareholders of Deutsche Wohnen did not result in a sufficient number of tendered shares to allow us to implement our strategy.
“Our excellent figures show that, even without extra additions to our portfolio, our strategy will generate significant value increases thanks to its holistic approach to tenants and the living environment in general.”
No comments yet