Vonovia offers condominium administration via its wholly-owned subsidiary Vonovia Immobilien-Treuhand GmbH (VIT). The subsidiary operates in six regional teams distributed across 22 office locations throughout Germany. VIT is one of Germany’s biggest property managers. It now also works for external homeowners’ associations in order to manage communal property in line with the German Condominium Act (Wohnungseigentumsgesetz) and offers full property management services for self-contained properties.
As of December 31, 2018, VIT supported 2,040 homeowners’ associations (2017: 2,170) accounting for 65,158 residential and commercial units (2017: 72,483), 14,589 units (2017: 16,442) of which belonged to Vonovia, and also managed 50,569 units for third parties (2017: 56,041).
Through the acquisition of BUWOG, an additional 21,113 residential and commercial units from homeowners’ associations were managed at the end of the year, of which 15,225 are in Austria and 5,888 in Germany. Of these, 8,321 residential units were owned by Vonovia – 8.101 in Austria and 220 in Germany.
In addition to these services, Vonovia offers its customers access to nationwide framework agreements with craftsmen and other service providers at special conditions. VIT also offers services relating to technical building evaluation for external owners.
Furthermore, as of December 31, 2018, Vonovia managed an additional 21,751 apartments for third parties – 7,581 of them from VIT (2017: 7,550), 13,826 from BUWOG in Germany and 344 from BUWOG in Austria.