- Vonovia achieves positive business development again in the 2019 fiscal year.
- Expansion of market presence in Sweden thanks to purchase of Akelius Residential Property portfolio and acquisition of Hembla AB.
- Modernization and new construction strategy continued.
- Total of around 2,100 new apartments completed.
With investments in modernization and new construction totaling € 1,489.5 million (2018: € 1,139.0 million), our investment program was once again a key driver of our organic growth in the 2019 fiscal year. In addition, the acquisitions of BUWOG and Victoria Park in 2019 contributed full-year results for the first time (2018: only on a pro rata temporis basis in each case as of the acquisition date). The purchase of Akelius Residential Property portfolio in the second quarter of 2019 is included with earnings contributions for the months from April to December 2019, while the acquisition of Hembla AB in the fourth quarter of 2019 is included with an earnings contribution for November and December 2019. Group FFO rose by 7.7% from € 1,132.0 million in the 2018 fiscal year to € 1,218.6 million in the 2019 fiscal year.