Vonovia: Long Idea With Attractive Dividend Yield And Solid Future Returns

Vonovia is Europe's largest real estate company, trading at a ~50% discount to NAV and offering a 5.4% dividend yield. VNA's rental segment remains the core earnings driver, but the 'Objective 2028' strategy aims to lift non-rental EBITDA contribution to 20–25%. Despite refinancing risks from higher rates, VNA's low in-place rents and portfolio reversion potential help offset rising debt costs.