Vonovia said Thursday that it agreed to sell five real-estate portfolios in Germany CBRE Investment Management for around 560 million euros ($619.6 million) and confirmed its guidance for 2023 after reporting a swing to a first-quarter net loss.
The German real-estate company VNA,
The company posted net loss of EUR1.96 billion for the first quarter compared with profit of EUR22.7 million for the year-earlier period. It booked a loss of EUR3.61 billion from fair-value adjustments of its investment properties.
Total segment revenue for the quarter fell 12% to EUR1.43 billion.
Group funds from operations–the company’s key figure for operational profitability also called FFO–was EUR462.6 million in the quarter, down 18% on year.
The company said it continues to expect segment revenue of EUR6.4 billion to EUR7.2 billion and FFO of between EUR1.75 billion and EUR1.95 billion in 2023.
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