Vonovia Acquisition Benefits Surpass Expectations
Vonovia SE, Germany’s biggest residential landlord, raised its full-year earnings forecast for a second time, citing efficiency created by a string of acquisitions. Funds from operations excluding sales, a measure of a real estate company’s ability to generate cash, will be as much as 760 million euros ($848 million) this year, compared with a previous forecast of as much as 740 million euros, Vonovia said in a statement on Tuesday. The Bochum-based company also said FFO in the first half rose 44 percent to 387.8 million euros. Chief Finance Officer Stefan Kirsten discusses business with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."