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Vonovia to sell properties, consider new investors

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A logo of German real estate company Vonovia, is pictured during a news conference in Duesseldorf
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DUESSELDORF, Germany (Reuters) -Vonovia, Germany's largest residential landlord, is considering a range of measures to secure access to capital as interest rates rise, including property sales and joint ventures, it said on Wednesday.

It has earmarked 13 billion euros ($13.2 billion) worth of properties for sale and is looking into the possibility of new investors who could invest in its real estate portfolios, it said.

It also said it was under no time pressure to agree joint venture partnerships with investors.

"In the current market environment we want to be particularly prudent and identify the right deals and the right timings," it said in presentation slides.

For the first half of 2022, Vonovia posted a 36% jump in core profit (FFO) to 1.06 billion euros and affirmed its guidance for 2022 core profit of 2.0 to 2.1 billion euros.

($1 = 0.9825 euros)

(Reporting by Matthias Inverardi; Writing by Maria Sheahan; Editing by Rachel More, Kirsti Knolle)

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