Vonovia wants to collect around eight billion euros through a capital increase. The real estate giant wants to use the money to repay part of the loans that were necessary to buy Deutsche Wohnen.
For the takeover of the former competitor Deutsche Wohnen, the real estate group Vonovia has obtained around eight billion euros through a capital increase.
The proceeds will be used to partially repay loans for the purchase. Vonovia wants to issue a good 201 million new shares, as the Bochum-based group announced on Sunday evening.
The existing shareholders received subscription rights. Two investors have committed to exercise their subscription rights. The capital increase was also fully taken over by 14 banks. These have committed to the acquisition of all new shares at the subscription price of 40 euros. On Friday the share closed at 55.72 euros.
The subscription period for the papers is expected to begin on Wednesday and end on December 7th, the company said. “With this capital increase we are completing the process of the merger with Deutsche Wohnen,” explained Vonovia CFO Helene von Roeder.
The DAX group was successful in the majority, a good 19 billion euros takeover of Germany’s second largest landlord. This creates a European real estate giant with around 568,000 apartments. 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 Rolf Buch had announced, among other things, a limit on the regular rent increases in Berlin until 2026.
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
