2023-04-30 02:00:00
The transaction might have a signal effect on the troubled German real estate market, in which there have hardly been any major sales in recent months given the high interest rates and falling real estate prices. Vonovia owns Buwog and Conwert in Austria.
The group announced this week that Vonovia will continue to manage the “Südewo” portfolio of more than 21,000 apartments. The proceeds will generate around half of the targeted free cash flow from the sale of assets in the amount of two billion euros.
Group boss Rolf Buch had announced because of the crisis on the real estate market that he wanted to part with the expansion course of the previous years.
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