FRANKFURT (Reuters) -Vonovia, Germany’s largest real estate group, on Wednesday reported that it returned to profit in the first nine months of the year, as it recovers from the nation’s worst property crisis in decades.
Net profit of 3.41 billion euros ($3.98 billion) in the first three quarters of the year compares with a loss of 592 million euros in the period a year earlier.
The profit increase was driven by an upward revaluation of its hundreds of thousands of apartments.
“After three years of stagnation, we are now growing again at a rapid pace – just like before the crisis,” CEO Rolf Buch said.
($1 = 0.8575 euros)
(Reporting by Tom Sims and Matthias InverardiEditing by Ludwig Burger)
