- WKN: A1ML7J
- ISIN: DE000A1ML7J1
- Land: Deutschland
Nachricht vom 23.09.2019 | 07:11
Vonovia SE: Vonovia strengthens presence in Sweden (news with additional features)
DGAP-News: Vonovia SE
/ Key word(s): Real Estate
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- Agreed acquisition of a majority stake in Swedish residential company Hembla from Blackstone
- Second step into the Swedish market following the acquisition of Victoria Park in 2018
- Acquisition of 69.30% of the voting rights and 61.19% of the share capital in Hembla at a total value of approximately SEK 12.225bn (approximately EUR 1.14bn)
Bochum/Stockholm, 23 September 2019 - Vonovia SE today agreed with the majority owner of Hembla AB (publ), funds advised by The Blackstone Group Inc., to acquire their 69.30% of the voting rights and 61.19% of the share capital in the Stockholm-based company.
Vonovia's CEO Rolf Buch said: "We are long-term investors in residential housing and offer attractive and high-quality living. Since we acquired Victoria Park last year, we have found that our strategy to deliver high quality living standards to our tenants has the full support of our Swedish colleagues. Our investment in Hembla is fully complementary to our present footprint. We have a track record of creating benefits for tenants and shareholders alike, and we achieve this through our long-term expertise, our comprehensive services, better procurement and better funding. With this sustainable and very long-term course, we are living up to our social responsibility."
This is Vonovia's second step into the Swedish market following the acquisition of Victoria Park in 2018. Vonovia will be obliged to launch a mandatory public offer to all other shareholders of Hembla in accordance with the Swedish takeover rules within a period of four weeks from clearance of the transaction by the merger control authorities.
Hembla's 21,411 flats are primarily based in Stockholm and are highly complementary to Victoria Park's 16,638 flats that are mainly based in the areas of Malmö, Stockholm, and Gothenburg.
Vonovia's long-term strategy puts the tenant in the centre of all business activity. As a modern service company, Vonovia focuses on customer orientation and tenant satisfaction. Offering tenants attractive and livable homes is a prerequisite for the company's successful development. Accordingly, Vonovia makes long-term investments in the maintenance, modernization and senior-friendly conversion of its properties.
The roots of Vonovia's business go back well into the last century, when residential homes were built for workers and civil servants. Since Vonovia's listing in 2013, the company's strategy has been to focus on a long-term and sustainable business geared to the well-being of tenants.
Mandatory public offer obligation for Hembla's remaining shares expected to be triggered in October/November 2019
Vonovia has agreed with funds advised by The Blackstone Group to buy 6,136,989 class A shares and 50,722,985 class B shares in Hembla. Hembla's class B shares are listed on Nasdaq Stockholm, Mid Cap. The parties agreed to a purchase price per share of SEK 215 (regardless of share class), corresponding to a premium of 11.5% compared to the closing price for the class B shares on Nasdaq Stockholm on 20 September 2019 and a premium of 15.6% compared to the volume-weighted average share price on Nasdaq Stockholm in the last three months. The total purchase price for all shares in the transaction is approximately SEK 12.225bn (which as of today corresponds to approximately EUR 1.14bn).
Closing of the transaction is subject to antitrust clearance by the Swedish merger control authorities. With completion of this condition, which is expected in October or November 2019, Vonovia is obliged to launch a mandatory public offer for the remaining shares in Hembla. The offer shall, according to the Swedish Takeover Act, be launched within four weeks from when the transaction becomes unconditional. Following the relevant board resolutions, Vonovia will launch the offer within the relevant time frame set out in the Takeover Act, and on terms compliant with Swedish takeover rules.
Vonovia SE is Europe's leading private residential real estate company. Vonovia currently owns around 396,700 residential units in all attractive cities and regions in Germany, Austria and Sweden. It also manages around 79,000 apartments. Its portfolio is worth approximately EUR 47.4 billion. As a modern service provider, Vonovia focuses on customer orientation and tenant satisfaction. Offering tenants attractive and livable homes is a prerequisite for the company's successful development. Accordingly, Vonovia makes long-term investments in the maintenance, modernization and senior-friendly conversion of its properties. The company is also creating more and more new apartments by realizing infill developments and adding to existing buildings.
The company, which is based in Bochum, has been listed on the stock exchange since 2013 and on the DAX 30 since September 2015. Vonovia SE is also listed on the international indices STOXX Europe 600, MSCI Germany, MSCI Germany, GPR 250 and EPRA/NAREIT Europe. Vonovia has a workforce of more than 10,000 employees.
This press release is not being published in or distributed to or into and must not be mailed or otherwise distributed or sent in or into any country in which the distribution or offering would require any such additional measures to be taken or would be in conflict with any law or regulation in such country. Persons who receive this press release (including, without limitation, nominees, trustees and custodians) and are subject to the law of any such jurisdiction will need to inform themselves about, and observe, any applicable restrictions or requirements. Any failure to do so may constitute a violation of the securities laws of any such jurisdiction. Vonovia SE, to the fullest extent permitted by applicable law, disclaims any responsibility or liability for the violations of any such restrictions by any person. Any purported acceptance of the potential Offer, if launched, resulting directly or indirectly from a violation of these restrictions may be disregarded.
Document title: Vonovia strengthens presence in Sweden
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