(Bloomberg) German residential property firm Vonovia SE agreed to acquire rival Deutsche Wohnen SE for about 19 billion euros ($23 billion) in the biggest-ever takeover in European real estate.
Vonovia will offer 53.
Vonovia upends German apartment market
MARKET POWER: The acquisition of Deutsche Wohnen means Vonovia would control more than 500,000 apartments, but it plans to offer to sell about 20,000 to Berlin
Bloomberg
German residential property firm Vonovia SE has agreed to acquire rival Deutsche Wohnen SE for about 19 billion euros (US$23 billion) in the biggest-ever takeover in European real estate, a deal that risks further stoking tensions over affordable housing.
The takeover, the year’s biggest in Europe, would reshape Germany’s property industry. The country’s two largest residential landlords control more than 500,000 apartments and risk raising further concerns about the market power of big property owners.