Vonovia SE: Vonovia on the election of the Berlin House of Representatives and the referendum to expropriate Deutsche Wohnen & Co.: Berlin needs a new way of working together on housing
/ Key word(s): Statement
Vonovia on the election of the Berlin House of Representatives and the referendum to expropriate Deutsche Wohnen & Co.: Berlin needs a new way of working together on housing
Bochum, 27 September 2021 - The majority of Berliners have decided in favour of nationalising the housing stocks of large residential property companies. Set against this background, Rolf Buch, CEO of Vonovia SE, explains: "In the new legislative period, we'll need far more mutual engagement than confrontation. Vonovia is ready to work closely with a new state government and the key social stakeholders in Berlin, so that, together, we can handle the challenges of the city's housing market."
"Expropriation won't solve the many challenges in Berlin's housing market. In view of such major challenges, Berlin cannot afford years of deadlock which will now result as the newly elected Berlin Senate needs to set up a draft law on nationalisation in the face of some obvious constitutional concerns. Even after the decision, responsible policymakers will have an opportunity to work out more constructive solutions with all the stakeholders in Berlin's housing market, solutions that will nevertheless address the concerns of many Berliners that they may no longer be able to afford their homes in the future," Buch continues.
He believes that the debate reflects the concerns of many Berliners that their homes might become unaffordable. "We need to take this seriously. By entering into a Future and Social Pact for Housing, we have sent a signal that we want to change something in the relationship between policymakers, society and housing companies in Berlin," says Buch. The Future and Social Pact for Housing between Vonovia SE and Deutsche Wohnen SE is a diversified offer to improve the current situation. As a first step, the two companies have sold 14,750 residential units to municipal housing companies. In their next step, the two companies will voluntarily cap their rents in Berlin for the next five years. In addition, they are prepared to build 13,000 new residential units in Berlin.
"Climate protection, demographic change and a growing city - all of these developments clearly require new residential buildings. And we need to start now, because we're running out of time. Implementation will have to proceed more quickly, with less red tape and on a larger scale than has been the case so far. This will require a targeted, well-coordinated housing policy that involves all the relevant interest groups - a new alliance for housing," says Rolf Buch.
The company, which is based in Bochum, has been listed on the stock exchange since 2013. Since September 2015 Vonovia has been a constituent in the DAX 30 - today DAX 40 - and since September 2020 in the EURO STOXX 50. 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, STOXX Europe ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe, and GPR 250 World. Vonovia has a workforce of around 11,000 employees.
This press release has been issued by Vonovia SE and/or its subsidiaries solely for information purposes. This press release may contain statements, assumptions, opinions and predictions about the anticipated future development of Vonovia ("forward-looking statements") that reproduce various assumptions regarding, e.g., results derived from Vonovia's current business or from publicly available sources that have not been subject to an independent audit or in-depth evaluation by Vonovia and that may turn out to be incorrect at a later stage. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should not therefore be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute exact indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this press release was issued to its recipients. It is the responsibility of the recipients of this press release to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. Vonovia accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the press release, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. Vonovia does not provide any guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this press release. Vonovia is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this press release or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this press release.
27.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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