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Jan 2019
Co-Lead Manager
€ 698 million
Secondary Offering via ABB in Deutsche Wohnen shares (4.7%)


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

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