Earnings

Vonovia shares fall after biggest ever loss

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Construction workers are seen at a new condominium building project in Huerth, western Germany, on April 5, 2023.

Ina Fassbender | Afp | Getty Images

Shares of German property giant Vonovia fell as much as 7% on Friday, shining a light on a deepening real estate crisis in Europe’s largest economy.

The share price slightly pared losses, dipping by 6% at 11:25 a.m. London time.

The residential real estate company on Thursday reported an annual loss of 6.76 billion euros ($7.37 billion) for 2023, citing a decreasing valuation trend that “significantly weakened” over the course of the year.

This was more than 10 times the size of the 669.4 million euros loss reported a year earlier, which in…



Source cnbc.com

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