Our Group has been growing in recent years thanks to a large number of acquisitions. Our scalable operational management system allows us to generate economies of scale from the full and swift integration of newly acquired companies and portfolios. Over the past few years, we have been able to prove, time and again, that this strategy pays off.
Making the most of this competitive advantage and using the expertise that has been built up within our organization over time, we are constantly analyzing portfolios that could constitute potential takeover targets. In accordance with our portfolio management strategy and our Value-add strategy, we do not consider acquisitions to be the only way in which to achieve growth, but rather see them as key additional strategic levers that help to strengthen the impact of the core strategies.
We pursue our acquisitions as and when opportunities present themselves. Acquisitions have to be expected to increase value before they are conducted. Such increases in value are generally assessed in terms of strategic suitability, increases in FFO 1 per share and a neutral impact on the NAV per share. Furthermore, an acquisition must not pose any risk to the company’s stable ‘BBB+’ long-term corporate credit rating.
Despite a shorter supply of attractive portfolios, Vonovia remains committed to the implementation of its acquisition strategy as there are still opportunities for successful takeovers and integration measures available.