Vonovia

Kempen is pleased to announce the successful €1.0 billion capital increase for Vonovia through an accelerated bookbuild offering finalised yesterday

• Equity placement of 26 million primary shares at €38.30 per share, equal to c.5% of pre-deal outstanding share capital
• The offer price represented a 3.0% discount over the last closing price (adjusted for dividend)
• Gross proceeds amount to €1.0 billion which will be used to fund Vonovia’s contemplated acquisition of Victoria Park as announced pre-market opening on 3 May 2018
• An ‘orderbook covered message’ was communicated c.45 minutes after start of bookbuilding
• Allocations of the orderbook comprising more than 100 lines were skewed to existing shareholders and long only investors with the top 10 accounts taking c.50% of the deal
• The new shares don’t carry dividend entitlement for 2017 and, following Vonovia’s AGM on 9 May 2018, will commence trading under a separate ISIN code on 10 May 2018; after payment of the 2017 dividend, the new shares and existing shares pre-capital increase will be merged into one trading line on 14 May 2018
• Kempen generated substantial demand with a strong focus on US and European real estate specialist investors as well as momentum players
• Kempen acted as Joint Bookrunner in the transaction

• Vonovia SE is Germany’s leading residential real estate company, owning a €39 billion portfolio consisting of almost 394,000 residential units in Germany and Austria
• On 3 May 2018, Vonovia announced its public offer to acquire the Swedish residential real estate company Victoria Park which, after the German/Austrian acquisitions of conwert and BUWOG, means entering a new geography for Vonovia
• Victoria Park is a leading player in the Swedish market with a high quality portfolio of c.14,000 residential units with many similarities to Vonovia