Vonovia to Sell $1 Billion Stake in Suedewo Portfolio to Apollo Global Management
April 26 2023 - 1:49AM
Dow Jones News
By Pierre Bertrand
Vonovia SE on Wednesday said that it will sell a minority common
equity participation of its Suedewo portfolio to Apollo Global
Management Inc. for 1 billion euros ($1.10 billion)
The transaction values the portfolio at EUR3.3 billion on a
debt-free and cash free basis, Vonovia said.
The German real-estate company said it would use the proceeds of
the sale for liability management and to cover upcoming debt
maturities.
Vonovia said that it will continue to control, operate and
consolidate the portfolio of more than 21,000 residential units
across the German state of Baden-Wuerttemberg.
The company said that it retains a long-term call-option to
repurchase the participation.
The deal is expected closed around May 31, Vonovia said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
April 26, 2023 01:34 ET (05:34 GMT)
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