August 31, 2018 / 5:06 AM / 2 months ago

Vonovia raises outlook after Victoria Park takeover

BERLIN, Aug 31 (Reuters) - Vonovia, Germany’s biggest residential property company, raised its outlook for the second time in less than four months on Friday, boosted by its recent takeover of Sweden’s Victoria Park.

The company now expects core profit (FFO 1) to rise to 1.05-1.07 billion euros ($1.22-$1.25 billion) in 2018, compared with a previous range of 1.03-1.5 billion.

In the first six months of the year, Vonovia posted an 11.5 percent rise in core profit to 510.3 million euros. ($1 = 0.8574 euros) (Reporting by Caroline Copley Editing by Edward Taylor)

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