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    DWNI   DE000A0HN5C6

DEUTSCHE WOHNEN SE

(DWNI)
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Deutsche Wohnen, Vonovia Sell Apartments to State of Berlin for EUR2.46 Billion

09/17/2021 | 05:20am EDT

By Kim Richters

Deutsche Wohnen SE and Vonovia SE said Friday that they have agreed to sell almost 15,000 apartments to the state of Berlin for about 2.46 billion euros ($2.89 billion) as part of the property companies' plan to merge their businesses.

"As well as contributing to the expansion of municipal housing stock, we continue to stand by our commitments to limit regular rent increases across our combined Berlin portfolio until 2026 and to build 13,000 new flats in Berlin," said Vonovia Chief Executive Officer Rolf Buch.

Vonovia is currently pursuing a takeover of rival Deutsche Wohnen. It has made a public takeover offer at EUR53 per share, and recently scrapped the suggested minimum shareholder acceptance threshold of 50% that was part of the bid. A previous, lower offer failed in July.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

09-17-21 0720ET

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE WOHNEN SE -0.76% 52.54 Delayed Quote.20.26%
VONOVIA SE 0.63% 54.06 Delayed Quote.-9.54%
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Financials
Sales 2021 856 M 997 M 997 M
Net income 2021 1 375 M 1 601 M 1 601 M
Net Debt 2021 11 582 M 13 485 M 13 485 M
P/E ratio 2021 14,5x
Yield 2021 1,74%
Capitalization 18 065 M 21 013 M 21 033 M
EV / Sales 2021 34,6x
EV / Sales 2022 34,1x
Nbr of Employees 1 339
Free-Float 30,8%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 52,54 €
Average target price 51,53 €
Spread / Average Target -1,93%
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Michael Zahn Chief Executive Officer
Philip Grosse Chief Financial Officer
Matthias Hünlein Chairman-Supervisory Board
Lars Urbansky Chief Operating Officer
Dirk Sonnberg Managing Director-Legal & Compliance
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