Vonovia Chips at Debt Pile With Sale of 4,500 Berlin Apartments

Vonovia SE agreed to sell a portfolio of 4,500 apartments in Berlin, kicking off a €3 billion ($3.2 billion) disposal program it’s undertaking this year to shrink its debt pile and escape crushing interest rates.

Germany’s largest landlord will sell the homes and an undeveloped land plot in Berlin’s east to two state-owned housing companies for €700 million ($748 million), according to a statement on Wednesday.

The price is in line with the portfolio’s valuation at the end of December and represents a 14% decline from the peak in June, the company said.

“The quality of our portfolio is high ...