- Vonovia loaded up on debt to buy rival Deutsche Wohnen in 2021.
- The cash cost of servicing the €43bn debt pile rose by more than €100mn last year.
- Falling property prices are an added woe.
- Vonovia plans further disposals of non-core assets valued at €2bn during 2023.
Vonovia/German property: stately pile of debt needs underpinning
German residential landlord Vonovia's debt pile has risen to €43bn after acquiring Deutsche Wohnen in 2021. Falling property prices and a reduced dividend have left Vonovia with just enough wriggle room to avoid an equity fundraising for now. It plans to dispose of non-core assets valued at €2bn dur