Deutsche Wohnen SE: Deutsche Wohnen sells more than 6,000 residential units
DGAP-News: Deutsche Wohnen SE / Key word(s): Disposal
Deutsche Wohnen sells more than 6,000 residential units
Berlin, 19 August 2019. Deutsche Wohnen has signed a contract with ZBI Group Erlangen regarding the sale of a portfolio of approximately 6,350 units. The properties are located primarily in Kiel, Lübeck, Erfurt and Chemnitz and so are outside of Germany's metropolitan regions.
With this sale, Deutsche Wohnen is reinforcing its strategy of making sustainable improvements to the quality of its portfolio by streamlining non-strategic holdings and by making targeted acquisitions.
Because the fundamentals of the metropolitan regions in Germany remain positive, Deutsche Wohnen is confident that these regions, and particularly Berlin, will continue to gain in both value and appeal.
The purchase price of approximately EUR 615 million represents a multiplier of roughly 22x the current rental income and is around a third above Deutsche Wohnen's book values.
The anticipated net cashflow of approximately EUR 500 million will be used mainly to finance the acquisition of just under 3,000 units in metropolitan regions in western Germany.
After acquiring BGP Group earlier this year, this is the second significant transaction of ZBI in 2019 leading to 65.000 units under management.
The completion of this acquisition is subject to antitrust approval and is expected to take place by the end of 2019.
Deutsche Wohnen is one of the leading publicly listed property companies in Germany and Europe with a business focus on managing and developing its portfolio, which consists mainly of residential properties. As at 30 June 2019, the portfolio comprised 168,217 units in total, of which 165,457 were residential and 2,760 commercial. The company is listed in the Deutsche Börse's MDAX and is also included in the leading indices EPRA/NAREIT, STOXX(R) Europe 600 and GPR 250.
Phone +49 (0)30 897 86-5413
Fax +49 (0)30 897 86-5419
|Company:||Deutsche Wohnen SE|
|Mecklenburgische Straße 57|
|Phone:||+49 (0)30 89786-5413|
|Fax:||+49 (0)30 89786-5419|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||859661|
|End of News||DGAP News Service|