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Vonovia sells properties to CBRE for 560 million euros

Reuters
·1 min read

FRANKFURT, May 4 (Reuters) - Vonovia sold five properties with 1,350 residential units to CBRE Investment Management for around 560 million euros ($620.4 million), the German real estate group said as it reported quarterly results on Thursday.

As a result of the transactions, Vonovia said it would be able to cover this year's refinancing needs in full, as well as a main part of the refinancing due in 2024.

It also reported quarterly financial results, with group funds from operations (FFO) down 17.8% at 462.6 million euros due to higher interest rates and rising costs for construction and energy. ($1 = 0.9026 euros) (Reporting by Maria Sheahan; Editing by Jacqueline Wong)