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    VNA   DE000A1ML7J1

VONOVIA SE

(VNA)
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Vonovia : sells Berlin housing stock from the Future and Social Pact for Housing to municipal housing companies

09/17/2021 | 06:52am EDT
  • Agreement on the sale of a total package of 14,750 Vonovia and Deutsche Wohnen apartments from the Fu-ture and Social Pact for Housing to berlinovo, degewo and HOWOGE
  • 4,250 of these residential and commercial units at a price of EUR 811 million are from Vonovia's portfolio
  • Commitments to limit regular rent increases until 2026 and to build 13,000 new flats in Berlin remain in place

Bochum, 17 September 2021 - Vonovia SE ('Vonovia') has successfully concluded talks on the sale of housing stock in Berlin to the municipal housing companies berlinovo, degewo and HOWOGE. In total, Vonovia SE and Deutsche Wohnen SE are selling 14,750 apartments from the Future and Social Pact for Hous-ing in order to contribute to the expansion of municipal housing stock in Berlin and to alleviate strain on the rental market in the German capital. The sale agreement also includes around 450 commercial units. Around 4,250 of these residential and commercial units come from Vonovia's portfolio at a price of approximately EUR 811 million. This package in-cludes around 800 apartments that will be notarised at the end of Sep-tember. The apartments shall be transferred to the municipal housing companies in January and July of next year.

Rolf Buch, CEO of Vonovia: 'With this sale of housing stock in Berlin to the municipal housing companies, we are fulfilling a central promise to the Berlin Senate from the Future and Social Pact for Housing. We are selling the apartments at a fair price. As a reliable political and social partner, we contribute sustainably to solutions for the Berlin housing market.'

The flats in question form a portfolio that takes into account the wishes and requirements of the state and essentially reflects a cross-section of Vonovia's Berlin housing stock in terms of distribution as well as quality and value. The three municipal housing companies have independently selected the properties that best suit their needs from this portfolio.

'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. In this way, we will create more affordable, needs-based and climate-friendly housing - especially for young families. Only by working with political and social partners in the city will we succeed in tackling the challenges facing Berlin's housing market,' Buch adds.

Vonovia is already committed to the goal of relieving pressure on the housing market by building attractive, affordable and climate-friendly apartments. The company constructs more than 2,000 new homes every year and is steadily increasing this volume. In the process, Vonovia is increasingly opting for the use of wood, a renewable raw material. The construction of around 700 flats in a modular timber de-sign is already underway or complete. Vonovia is currently building 60 flats in the Berlin district of Reinickendorf. This new modular timber housing project will store 800 tonnes of CO2.

Disclaimer

Vonovia SE published this content on 17 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2021 10:51:01 UTC.


© Publicnow 2021
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Sales 2021 2 353 M 2 740 M 2 740 M
Net income 2021 4 375 M 5 096 M 5 096 M
Net Debt 2021 25 939 M 30 211 M 30 211 M
P/E ratio 2021 6,61x
Yield 2021 3,32%
Capitalization 31 098 M 36 174 M 36 220 M
EV / Sales 2021 24,2x
EV / Sales 2022 23,4x
Nbr of Employees 10 793
Free-Float 100,0%
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Number of Analysts 14
Last Close Price 54,06 €
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Rolf Buch Chairman-Management Board & CEO
Helene von Roeder Chief Financial Officer
Jürgen Fitschen Chairman-Supervisory Board
Marcel Kleifeld Head-Human Resources & Technical Services
Klaus Rauscher Independent Member-Supervisory Board
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