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Deutsche Wohnen acquires around 2,600 residential units

DGAP-News: Deutsche Wohnen acquires around 2,600 residential units

Deutsche Wohnen AG / Key word(s): Real Estate

03.10.2011 / 15:30

Frankfurt/Main and Berlin, 3 October 2011. Deutsche Wohnen AG acquired around 2,600 additional residential units for a purchase price of approximately EUR 154 million in the third quarter of 2011. Roughly 1,200 of these residential units are located in Berlin, around 200 in the Rhine/Main region and a further 1,200 or so in Dusseldorf. For Deutsche Wohnen, the acquisition of the properties in Dusseldorf represents a new inroad into another attractive and dynamic metropolitan area, in addition to Berlin and the Rhine/Main region.

Dusseldorf, the regional capital of North Rhine-Westphalia, with a population of just under 600,000, is one of the most prosperous cities in economic terms in Germany. It is the headquarters for many enterprises, such as the DAX companies E.ON AG, Metro AG and Henkel KGaA, and is also a well-known convention centre. Dusseldorf regularly attains good to very good placings in both national and international city rankings. The acquired portfolio will be managed by Deutsche Wohnen's existing Service Point in Koblenz.

Michael Zahn, Chief Executive Officer of Deutsche Wohnen AG: 'Since mid-2010, we have acquired 7,937 residential units - of which approximately 6,000 are located in Berlin - with total residential floor space of 462,000 sqm and a net initial yield of 7.0% for a gross purchase price of approximately EUR 410 million. In parallel, we sold 434 units in the context of adjusting our portfolio in the first six months of 2011. These acquisitions and the ongoing optimisation of our portfolio are part of the consistent implementation of our strategic objectives and thus enable us to establish a basis for further organic growth.'

Thanks to its organisational structure, Deutsche Wohnen is able to realise considerable economies of scale in the context of the management of its entire acquisition portfolio, as this does not give rise to any significant additional staff related expenses, general and administration expenses. It is expected that the acquisitions will attribute around EUR 13 million to the annual recurring FFO before tax that will come into effect to its full extent as of 2012, given future potential rent increases of between 15% and 24%.

Deutsche Wohnen
Deutsche Wohnen is one of the largest listed residential property companies in Germany with a business focus on managing and developing its residential property portfolio. On 30 June 2011 the portfolio comprises 48,653 units in total, of which 48,206 are residential units and 447 are commercial properties. The Company has 81.84 million shares listed in the Deutsche Börse's MDAX and is also included in the leading indices EPRA/NAREIT and GPR 250.

+49 (0)30 / 89786 - 551 

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03.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
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Language: English Company: Deutsche Wohnen AG Pfaffenwiese 300 65929 Frankfurt Germany Phone: +49 (0)30 89786-0 Fax: +49 (0)30 89786-507 E-mail: Internet: ISIN: DE000A0HN5C6, DE0006283302 WKN: A0HN5C, 628330 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart  
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