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Vonovia, Deutsche Wohnen to supply 20,000 flats to Berlin-sources By Reuters 


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© Reuters. FILE PHOTO: The brand new headquarters of German actual property firm Vonovia is pictured in Bochum, Germany, April 24, 2018. REUTERS/Wolfgang Rattay

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BERLIN (Reuters) – Actual property teams Vonovia and Deutsche Wohnen (OTC:) need to provide to promote the Berlin senate round 20,000 residences within the German capital as a part of their deliberate merger, two sources accustomed to the matter mentioned on Tuesday.

Vonovia mentioned late on Monday it agreed to take over its closest German rival Deutsche Wohnen for about 18 billion euros ($22 billion) to higher shoulder future investments in warmth insulation.

The 2 firms mentioned they wished to supply the senate the choice to purchase “a big variety of flats” from their portfolios to assist tackle the “strained rental state of affairs” within the capital.

Of the 150,000 residences owned by Deutsche Wohnen, 113,000 are positioned in Berlin, whereas Vonovia owns round 43,000 residences within the German capital.

Vonovia and Deutsche Wohnen couldn’t instantly be reached for remark.

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