Singapore markets open in 3 hours 28 minutes
  • Straits Times Index

    3,107.09
    -23.15 (-0.74%)
     
  • S&P 500

    3,678.43
    +92.81 (+2.59%)
     
  • Dow

    29,490.89
    +765.38 (+2.66%)
     
  • Nasdaq

    10,815.43
    +239.82 (+2.27%)
     
  • BTC-USD

    19,575.54
    +418.35 (+2.18%)
     
  • CMC Crypto 200

    444.05
    +8.70 (+2.00%)
     
  • FTSE 100

    6,908.76
    +14.95 (+0.22%)
     
  • Gold

    1,708.60
    +36.60 (+2.19%)
     
  • Crude Oil

    83.34
    +3.85 (+4.84%)
     
  • 10-Yr Bond

    3.6510
    -0.1530 (-4.02%)
     
  • Nikkei

    26,215.79
    +278.58 (+1.07%)
     
  • Hang Seng

    17,079.51
    -143.32 (-0.83%)
     
  • FTSE Bursa Malaysia

    1,397.62
    +2.99 (+0.21%)
     
  • Jakarta Composite Index

    7,009.72
    -31.08 (-0.44%)
     
  • PSE Index

    5,783.15
    +42.08 (+0.73%)
     

Vonovia aims for more growth after record year and rival takeover

·1-min read
FILE PHOTO: New Vonovia headquarters in Bochum

BERLIN (Reuters) - German real estate giant Vonovia said on Friday it is on course for "significant growth" after a record year and the acquisition of smaller rival Deutsche Wohnen in 2021.

The group reported an 18.8% increase in EBITDA (earnings before interest, tax, depreciation and amortisation) to some 2.3 billion euros ($2.55 billion) for 2021.

Vonovia expects to fully integrate Deutsche Wohnen by the beginning of 2023 and said it was sticking to a synergy target of 105 million euros in 2024 after the takeover.

"In 2021, we achieved the goals we set ourselves and partly even exceeded them," CEO Rolf Buch said in a statement. "Likewise, our guidance for 2022 shows significant growth."

For 2022, Buch added: "We're anticipating to increase our turnover, EBITDA and Group FFO (funds from operations) by more than 20%."

($1 = 0.9021 euros)

(Writing by Paul Carrel; Editing by Miranda Murray)