FRANKFURT, May 4 (Reuters) - Vonovia sold five
properties with 1,350 residential units to CBRE Investment
Management for around 560 million euros ($620.4 million), the
German real estate group said as it reported quarterly results
on Thursday.
As a result of the transactions, Vonovia said it would be
able to cover this year's refinancing needs in full, as well as
a main part of the refinancing due in 2024.
It also reported quarterly financial results, with group
funds from operations (FFO) down 17.8% at 462.6 million euros
due to higher interest rates and rising costs for construction
and energy.
($1 = 0.9026 euros)
(Reporting by Maria Sheahan; Editing by Jacqueline Wong)
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