Vonovia wants to collect eight billion euros

Vonovia logo

Vonovia has secured a majority in Deutsche Wohnen.

(Photo: dpa)

Berlin, Bochum Germany’s largest rental company Vonovia wants to raise around eight billion euros in a capital increase and thus finance part of the purchase price for the takeover of rival Deutsche Wohnen. The Vonovia executive board decided on the project on Sunday with the approval of the supervisory board, announced the company listed in the Dax.

Vonovia wants to issue a good 201 million new shares in order to partially repay a loan to acquire the company, as the Dax group announced on Sunday evening in Bochum. 20 existing shares entitle the holder to purchase 7 new shares via indirect subscription rights for a subscription price of EUR 40 each. The subscription period for the papers is expected to begin on November 24th and end on December 7th, according to the company.

Just recently, the Bochum-based group successfully took over a majority of Germany’s second largest landlord, worth a good 19 billion euros. This creates a European real estate giant with around 568,000 apartments, most of them in Germany. According to the company, the combined market share in Germany is around two percent.

The deal is particularly controversial in Berlin, where Deutsche Wohnen owns around 114,000 apartments. In order to appease critics, Vonovia boss Buch had announced, among other things, a limit on the regular rent increases in Berlin until 2026.

Top jobs of the day

Find the best jobs now and
be notified by email.

More: Where young families can still find affordable homes in the Cologne area

.
source site