December 6, 2018 / 6:14 AM / 4 days ago

Vonovia forecasts higher earnings in 2019

BERLIN, Dec 6 (Reuters) - Vonovia forecast higher earnings next year as its acquisition of Sweden’s Victoria Park and strong demand for housing in cities helped it post a 13 percent rise in core profit in the first nine months.

Germany’s biggest residential property company, which owns 400,000 flats in Germany, Austria and Sweden, said funds from operations 1 (FF0 1) rose to 778 million euros ($882.49 million) compared to 691 million a year earlier.

Vonovia confirmed its guidance for 2018 core profit of 1.05-1.07 billion euros and said it expects core profit, including its acquisition of Austria’s Buwog, to rise to between 1.14 and 1.19 billion euros in 2019.

It said it planned to propose a dividend of 1.44 euros per share at its annual general meeting in May.

Reporting by Caroline Copley; editing by Thomas Seythal

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