March 6, 2018 / 6:11 AM / 4 months ago

Vonovia sticks with 2018 guidance after FY profit rise

FRANKFURT, March 6 (Reuters) - Germany’s biggest residential real estate company Vonovia stuck with its guidance for an increase in 2018 core profit as it reported a 21 percent jump in 2017 earnings.

Demand for German real estate has risen in recent years, with investors seeking safe havens and interest rates remaining low. The arrival of more than 1 million migrants in 2015 and 2016 combined has added to increased demand for housing.

Vonovia this year sees its core profit (FFO 1) rising to 960 million to 980 million euros ($1.18-1.21 billion), excluding recently-acquired Buwog, it affirmed on Tuesday, from 920.8 million in 2017.

$1 = 0.8113 euros Reporting by Maria Sheahan Editing by Arno Schuetze

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