EQS-News: Three Transactions for Combined Liquidity Generation of € 1.8 billion

Three Transactions for Combined Liquidity Generation of € 1.8 billion

• Following sales revenue of € 1.5 billion in the first half of the year, Vonovia has secured a further € 1.8 billion in liquidity.
• Total liquidity inflow of € 4 billion expected by the end of the year.

Bochum, October 2, 2024 – Vonovia remains well on track and has gained a further € 1.8 billion in liquidity. After reporting € 1.5 billion with its H1 2024 results on Aug 1, 2024, Vonovia had announced that further sales would be completed in the fall. This means that the liquidity inflow since the beginning of the year now amounts to more than € 3.3 billion. For 2024, the company expects a total liquidity inflow of around € 4 billion, which is on a par with the previous year's level.

The first transaction is the disposal of 11 development properties for € 0.5 billion to a new fund set up in August by HIH Invest Real Estate GmbH (HIH Invest), one of Europe’s leading real estate investment managers, and Vonovia. In addition, the fund acquired ca. € 150 million in development assets from Quarterback Immobilien AG. The purpose of the fund is to acquire and manage development projects in German metropolitan areas. HIH Invest is the majority owner; Vonovia holds an equity participation and will benefit from the management that HIH Invest and Vonovia are jointly taking on.

As part of their long-term partnership, Vonovia and Apollo have agreed to the set up of a company that will hold 20% of the shares in Deutsche Wohnen SE and in which Vonovia and long-term investors advised by Apollo will be invested. The cash inflow for Vonovia will amount to slightly more than € 1 billion.

For an agreed price of more than € 300 million, Deutsche Wohnen sells 27 nursing homes, that are mainly located in the greater Berlin area. The nursing homes are acquired by a fund managed by care sector specialists Civitas Investment Management, while the Alloheim Group, a leader in the care sector, will take over the operation and all employees.

The liquidity inflow of all transactions is expected at the end of 2024 / first half of 2025.

About Vonovia

Vonovia SE is Europe’s leading private residential real estate company. Vonovia currently around 543,000 residential units in all attractive cities and regions in Germany, Sweden, and Austria. It also manages around 71,700 apartments. Its portfolio is worth approximately EUR 82.5 billion. As a modern service provider, Vonovia focuses on customer orientation and tenant satisfaction. Offering tenants affordable, attractive, and livable homes is a prerequisite for the company’s successful development. Therefore, Vonovia makes long-term investments in the maintenance, modernization, and senior-friendly conversion of its properties. The company is also creating more and more new apartments by realizing infill developments and adding to existing buildings.

The Bochum based company has been listed on the stock exchange since 2013. Since September 2015 Vonovia has been a constituent in the DAX. Vonovia SE is also a constituent of additional national and international indices, including Dax 50 ESG, Dow Jones Sustainability Index Europe, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe, and GPR 250 World. Vonovia has a workforce of approximately 12,000 employees.