Vonovia

Co-Lead Manager

Kempen acted as Co-Lead Manager in the successful secondary sell-down of Vonovia’s c. 4.7% stake in Deutsche Wohnen via an accelerated bookbuild offering

Transaction highlights

The successful placement of c. 16.8 million shares in Deutsche Wohnen raised €698m in gross proceeds for Vonovia
Shares were placed at €41.50 per share, representing a 4.8% discount to the last close prior to launch
The €698m placement marks Vonovia’s exit as shareholder of Deutsche Wohnen; Vonovia acquired the c. 4.7% stake in a series of share purchases in late 2015/early 2016
The sale of its Deutsche Wohnen stake forms part of Vonovia’s active approach towards further optimising capital allocation, strengthening its balance sheet and lowering LTV by 0.8%
The accelerated bookbuilding process generated strong demand from long-only investors as well as momentum players, resulting in a multiple covered orderbook
Allocations were significantly skewed towards dedicated real estate funds and supporting long-only accounts
The top 20 investors in the orderbook took more than 80% of the share placement

Company description

Vonovia is Europe’s leading residential real estate company, owning a €42 billion portfolio consisting of almost 400,000 residential units in Germany, Austria and Sweden and managing an additional 84,000 third party owned apartments
Vonovia has been actively growing its portfolio internationally with the public offers to acquire German/Austrian conwert in 2016 and BUWOG in 2018 as well as Swedish Victoria Park in 2018