By Christian Moess Laursen

Vonovia SE said Tuesday that it won't start new construction projects in 2023 due to high inflation and rising interest rates.

The German real-estate company said it intends to complete projects that have already started.

Vonovia's Chief Development Officer Daniel Riedl said Tuesday in an interview with German newspaper Westdeutschen Allgemeinen Zeitung that the company would aim to obtain building permits for projects to be ready to start when general conditions are right.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

January 31, 2023 07:09 ET (12:09 GMT)

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