Vonovia completes capital increase for takeover – Berlin.de
The Vonovia real estate group has successfully wrapped up its capital increase intended for the takeover of Deutsche Wohnen. Overall, the company generated gross proceeds of 8.08 billion euros, as the Dax group announced on Wednesday in Bochum. The company had already planned around this sum when it announced the capital increase in November, not surprisingly. The group intends to use the proceeds to partially repay a loan for the competitor’s purchase.
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In a first step, Vonovia got rid of almost all of the shares on offer. Of the 201.3 million shares on offer, subscription rights for around 198.5 million shares had been exercised by the end of the subscription period on December 7, a rate of 98.59 percent. The group placed the remaining approximately 2.83 million new shares with large investors in the middle of the week. Trading in the new shares is now expected to begin at the start of the new stock market week next Monday.
At the third attempt, Germany’s largest landlord at the end of October successfully took over Deutsche Wohnen, number two in the industry, with a majority of 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 this country 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, one of the regular rent increases in Berlin until 2026.
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Source: dpa
| Updated: Wednesday, December 8, 2021 2:53 p.m.