DGAP-News: Vonovia SE
/ Key word(s): Mergers & Acquisitions
05.03.2020 / 08:22
The issuer is solely responsible for the content of this announcement.
Expansion in development:
Vonovia SE acquires Bien-Ries AG
- Strengthening of activities in the Rhine-Main area
- 11 current development projects are taken over
- About 900 apartments planned for the assets
Bochum, 05/03/2020. Vonovia SE has concluded a purchase agreement with the Bien-Ries AG on 03/03/2020. After the antitrust approval, implementation of the transaction is planned for the beginning of April. The real-estate developer with emphasis on the Rhine-Main area will then complete the development business in Germany as part of BUWOG.
"We are glad to be able to further complete our successful development business with the Bien-Ries AG and its employees," says Daniel Riedl, as member of the board responsible for development at Vonovia SE. "The current projects suit us very well. And we will continue to realize exciting projects with the team in the future."
At the moment, there are 11 current projects at the Bien-Ries AG with altogether about 2,500 units of accommodation scheduled. It is intended that around 900 apartments of the current pipeline will be transferred to the Vonovia assets as rented apartments after completion. The emphasis of the projects is in the Rhine-Main area. Vonovia has about 27.500 apartments there.
High expertise in development
The Bien-Ries-AG looks back to a successful history in the development sector. "We are delighted that we herald the start of the next phase in corporate development with the sale to Vonovia, at the same time providing security to our employees," says Wolfgang Ries, Director and co-founder of the Bien-Ries AG.
Vonovia SE is Europe's leading private residential real estate company. Vonovia currently owns around 416,000 residential units in all attractive cities and regions in Germany, Sweden and Austria. It also manages around 79,000 apartments. Its portfolio is worth approximately € 53.3 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 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 on the international indices STOXX Europe 600, MSCI Germany, MSCI Germany, GPR 250 and EPRA/NAREIT Europe. Vonovia has a workforce of more than 10,000 employees.
Approval: Regulated Market/Prime Standard, Frankfurt Stock Exchange
Common code: 094567408
Registered headquarters of Vonovia SE: Bochum, Germany, Bochum Local Court, HRB 16879
Business address of Vonovia SE: Universitaetsstrasse 133, 44803 Bochum, Germany
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.
05.03.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de