DGAP-News: Vonovia SE / Key word(s): Acquisition
2015-11-18 / 11:26
Vonovia acquires IVV Immobiliengruppe and expands services business
- Vonovia to manage 90,000 residential units and commercial properties from 2016
Bochum, November 18, 2015 - Vonovia is to acquire IVV Immobiliengruppe ("IVV") with effect as of January 1, 2016 and will thus expand its market leadership in the field of residential property, building and third-party real estate management. The parties to the agreement have agreed not to disclose the purchase price. The transaction is expected to be closed over the course of the current quarter.
"We are delighted that our offer has been accepted on the strength of our experience and our sustainable strategy. Through this purchase, we will continue to follow through on our growth strategy in our services segment," says Gerald Klinck, Chief Controlling Officer of Vonovia SE.
With around 16,000 residential units, IVV is one of Germany's largest building management firms. Its business has a particularly strong presence in the Rhine cities of Cologne, Bonn and Düsseldorf. With over thirty years of real estate experience, IVV is one of the best-known service providers in Germany. Its expertise will remain in demand: the company's workforce of around seventy employees are to transfer to Vonovia. "We have developed a track record as a reliable property manager over a period of many years now. We operate throughout Germany and have established a uniform system and process landscape. These are ideal conditions for further growth. Integrating IVV Immobiliengruppe will bring about synergies and create added value for our customers. This will continue to define our strategic activities in future," Gerald Klinck adds.
At the same time, and likewise in keeping with our growth path, Vonovia acquired the real estate manager and service provider O-TEC in October, which is seated in Landsberg. The legal transfer of this company is also expected to be completed by the end of the year. Overall, by early 2016 the company will be managing approx. 90,000 units (80,000 residential units and 10,000 commercial properties) in the field of residential property, building and third-party real estate. Vonovia will thus remain Germany's leading property manager.
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Vonovia SE is Germany's leading residential real estate company. Vonovia currently owns and manages some 367,000 residential units in all of Germany's attractive cities and regions. Its portfolio is worth approximately EUR 23 billion. As a modern service company, Vonovia focuses on customer orientation and tenant satisfaction. Offering tenants affordable, attractive and liveable homes is a prerequisite for the company's continued successful development. Accordingly, Vonovia makes long-term investments in the maintenance, modernisation and senior-friendly conversion of its buildings.
The company, which is based in Bochum, has been listed on the stock exchange since 2013 and on the DAX 30 since September 2015. Vonovia SE is also listed in the international indices STOXX Europe 600, MSCI Germany, GPR 250 and EPRA/NAREIT Europe. Vonovia has a workforce of approximately 6,100 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 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 appropriate 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.