June 25, 2019 / 8:20 AM / a month ago

Vonovia boss: Don't need to change guidance due to Berlin's planned rent freeze

MUNICH, June 25 (Reuters) - Vonovia will continue to grow via acquisitions though it does not see major potential now, its chief executive said, adding that the property company did not need to revise its profit forecast due to Berlin’s planned rent freeze.

“I don’t need to change my guidance,” Chief Executive Rolf Buch told journalists in Munich on Monday in comments embargoed until Tuesday. He added that only 10% of Vonovia’s 400,000 apartments were in Berlin.

Buch’s comments come as Berlin’s city government plans to freeze rents for five years, heeding complaints from residents that their once famously affordable city was pricing them out. (Reporting by Alexander Huebner Writing by Michelle Martin Editing by Riham Alkousaa)

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