Fitch Affirms Investment Grade Rating, Stable Outlook

20. December 2022

As part of its annual update Fitch Ratings affirms the BBB- (with a stable outlook) investment grade rating of D.V.I. Deutsche Vermögens- und Immobilienverwaltungs GmbH (“DVI”). Fitch rated both the company DVI and its exchange-traded bond.

According to Fitch, the credit rating reflects DVI’s portfolio of fully occupied residential buildings, mainly in Berlin, as well as DVI’s growing exposure to commercial real estate. As of 30 June 2022, residential buildings accounted for about 73 percent of the portfolio value. The commercial real estate segment made up about 24 percent of the total portfolio and included a 14-percent share of mainly regional office buildings e.g., in Erfurt and Dresden.

The “affordable residential rents” of on average 8.01 euros per month and square metre make the group’s “residential assets highly attractive in a strained Berlin market that suffers from lack of supply,” Fitch writes. The rating agency acknowledged the high occupancy in DVI’s residential portfolio and the (long) average residential tenant stay of 14 years.

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