Property-related Capital Expenditure

The table below provides an overview of the property-related capital expenditure made by the company throughout the fiscal year.

After no acquisitions were made in 2024, acquisitions in 2025 relate primarily to the units assumed from the QUARTERBACK Immobilien Group in Germany. A smaller number of units were also purchased in Germany, Sweden and Austria.

As Vonovia operates almost exclusively in the housing segment and manages a portfolio comprising a large number of relatively similar residential units, new construction investments and investments in the existing portfolio are also spread over a large number of projects.

The investments made in developments in 2025 were up by 57.7% as against the previous year. A total of 800 residential units were completed (2024: 1,276 units), 777 in Germany (2024: 1,264 units) and 23 in Sweden (2024: 12 units).

Further information on the Development segment can be found in the chapter Portfolio in the Development Business.

Investments in the existing portfolio increased by 31.9%, from € 767.2 million to € 1,011.9 million, in 2025. This relates to investments in investment properties that result in an increase in value.

The proportion of investments relating to joint ventures is not reported as this information is not considered material.