Vonovia

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Vonovia SE

logo
legal form Societas Europaea
ISIN DE000A1ML7J1
founding 2001
Seat Bochum , GermanyGermanyGermany 
management
Number of employees 10,622 (2020)
sales 4.031 billion euros (2020)
Branch Real estate industry
Website vonovia.de
As of December 31, 2020

Vonovia is a German real estate group based in Bochum . The company owns over 400,000 apartments in Germany, Sweden and Austria. Its history goes back to Deutsche Annington, which successfully applied for the purchase of the railroader's apartments in 2001. Vonovia became the market leader through the takeover of competitors such as Viterra and Gagfah . The company's shares have been listed since 2013 and have been part of the DAX since 2015 . Vonovia was included in the EURO STOXX 50 index in September 2020 . The group got involved in maintenance and modernizationof real estate as well as the settlement of ancillary costs has been criticized several times.

history

Takeover of housing for railway workers

At the end of the 1990s, as part of the rail reform in Germany, railroad apartments were privatized. After a consortium of several state development companies and private real estate companies was awarded the contract in 1998, the main staff council of the federal railway assets stopped the sale in coordination with the union of railway workers in Germany . In the opinion of the critics, it was not ensured that the housing associations would continue to operate according to the principles that had previously applied. This again led to discussions at the political level.

The Japanese financial group Nomura Holdings and its subsidiary Deutsche Annington also tried to acquire the railroader's apartments. Although the company had offered by far the highest purchase price, the federal government explicitly decided in favor of a different consortium. This was criticized , among other things, by the Bundestag parliamentary group Bündnis 90 / Die Grünen . The Federal Audit Office confirmed that the assurances for housing welfare were comparable according to the files. However, the Federal Administrative Court followed the position of the federal government and approved the sale to the preferred bidders.

Regardless of this, the trade unions and the tenants' association maintained their resistance to the sale of the railway houses. In the further course of 2000 there were renewed negotiations between the federal government and potential investors, from which Deutsche Annington ultimately emerged as the winner. The company acquired around 64,000 of a total of 114,000 railroader's apartments, financed, among other things, with loans from the Kreditanstalt für Wiederaufbau and the Landesbank Hessen-Thüringen . Many tenants have been granted special rights, such as lifelong housing and a restriction on rent increases. After approval by the Federal Cartel Office , one of the largest German real estate companies was created.

Rise to the German market leader

In 2003, the competitor BIG Heimbau was bought, a house, apartment and landowner with around 10,000 units that was active primarily in Hamburg and Schleswig-Holstein and was formerly organized as a cooperative. In 2004, apartments from Allianz Lebensversicherung were added in the Hamburg area and company apartments from energy company RWE in Essen and Cologne.

Occasionally, Deutsche Annington invested in additional, smaller stocks of railroad workers' apartments that had previously remained in the ownership of the federal government. At the same time, the company made it possible for tenants of former railway houses to purchase their property, as was already provided for in the privatization contracts. According to a report in the newspaper Welt, the offer was well received. In addition, Deutsche Annington took care of improving the living environment, for example through cooperation with retailers. The billing of energy and water has been switched to the systems of the service provider Techem nationwide .

In 2003, the energy company E.ON put its real estate business up for sale: its subsidiary Viterra was the leading private housing provider in Germany. In 2005, Deutsche Annington acquired around 152,000 residential units. This was the largest apartment sale to date in the history of the Federal Republic of Germany. He met with heavy criticism from trade unions and tenant protection associations. In the course of this, Guy Hands' majority stake in the private equity company Terra Firma in Deutsche Annington was also discussed.

The European Commission approved the takeover of Viterra by Deutsche Annington without any conditions. She set up a new management team and cut hundreds of jobs, especially in administration. In the course of the restructuring of the business, the companies announced that Viterra would be merged into Deutsche Annington. The previous headquarters in Düsseldorf and Essen were merged in 2006 at the joint administrative headquarters in Bochum.

Development up to the IPO

Change of corporate strategy

Deutsche Annington achieved its return with a combination of renting and selling apartments. It operated a socially acceptable tenant privatization . In this way, the company wanted to raise the necessary funds to expand its portfolio to half a million and later even to a million apartments. The limits of this strategy became apparent as early as 2005 because interest in real estate declined, particularly in structurally weak regions. Terra Firma tried to absorb these effects by restructuring the funds involved in the company . An IPO was also occasionally under discussion in order to obtain fresh capital for Deutsche Annington. However, due to the difficult market environment, Terra Firma postponed the project indefinitely.

In 2007, Deutsche Annington finally announced the move away from tenant privatization. From then on, the company concentrated on growth through acquisitions, in particular through the purchase of smaller packages of apartments such as the Sparkasse subsidiary Corpus. There was also interest in the apartments of the North Rhine-Westphalian state development company. In 2009, Deutsche Annington acquired several thousand Berlin apartments from IMW Immobilien.

Debt rescheduling in the financial crisis

In 2010, Deutsche Annington's profit exceeded the 500 million euro mark for the first time. Nevertheless, the global economic and financial crisis made it difficult to access cheap debt capital. Refinancing became the main problem facing the entire real estate industry . In order to avoid a situation threatening the existence of the company, the commercial mortgage-backed securities due by 2013 in the amount of 4.3 billion euros should be repaid later in several tranches. Investors initially rejected the project, Moody's downgraded Deutsche Annington 's rating . After the owner Terra Firma provided the company with an additional 500 million euros, important creditors agreed to the debt rescheduling. The project was successfully completed at the end of 2012.

IPO in the Prime Standard

In 2013, an IPO of Deutsche Annington was back on the agenda. The company chose JPMorgan Chase and Morgan Stanley as consortium banks, and later European institutions such as Commerzbank , Deutsche Bank and Erste Group also agreed to support it. In addition, Rolf Buch , a former member of the Bertelsmann executive board , was appointed chairman of the executive board . Above all, he emphasized the size of the company as a differentiating factor.

The rise in key interest rates dampened the interest of potential investors, so that the IPO had to be postponed several times. Experts also criticized inappropriate asking prices. Initially, going to the floor was completely canceled before Deutsche Annington successfully placed its shares on the Frankfurt Stock Exchange with a lower volume and a reduced issue price . Although the IPO was now half as big as Terra Firma originally planned and the company itself raised less capital than planned as a result, it was nevertheless able to significantly reduce its debt burden in this way.

Merger with the Gagfah

Withdrawal from Terra Firma

In 2014, in addition to the payment of dividends and tenant satisfaction, growth through takeovers returned to the focus of Deutsche Annington. That is why the company bought over 40,000 apartments from Dewag and Vitus in 2014. This added to its portfolio in North Rhine-Westphalia and along the Rhein-Main-Schiene as well as in southern Germany. The transaction was refinanced by issuing the hybrid bond, among other things. In addition, Deutsche Annington carried out a capital increase that allowed the free float to climb to over 25 percent for the first time.

In May 2014, Terra Firma announced that it would pass on its shares in Deutsche Annington to the investors in its funds. This means that the private equity company sold one of its largest holdings after around 13 years. This step initially weighed on the share price, but allowed the free float to rise to over 90 percent. As a result, the company's shares rose from the SDAX to the more highly regarded MDAX .

Vonovia is born

As early as 2003, the media reported on Deutsche Annington's interest in the Gagfah real estate group. In 2007, Terra Firma boss Guy Hands was open to Gagfah taking over Deutsche Annington in order to create a leading housing group in Europe. In the following years, the business of the two companies developed very differently. At the end of 2014, Deutsche Annington officially offered to take over Gagfah for around 3.9 billion euros. Following the approval of the shareholders and the antitrust authorities, the transaction was completed early in March 2015. It affected around a million tenants, which aroused skepticism.

The integration of Gagfah realized a synergy potential of around 130 million euros. In 2015, the Annual General Meeting voted to rename Vonovia in order to modernize the company's external image. The strategy of growing through acquisitions remained largely unchanged. One example of this is the acquisition of 19,800 apartments from Südewo, formerly LBBW Immobilien. As a result, the company improved its position in Baden-Württemberg.

In September 2015, Vonovia shares were included in the DAX , the share index of the most relevant companies on the German stock market. It was the first representative of the real estate industry. The media directly attributed the multiplication of Vonovia's market value to Rolf Buch.

Takeover of Deutsche Wohnen

Vonovia has been planning to take over Deutsche Wohnen for a number of years in order to prevent its merger with its smaller rival LEG Immobilien . For this, the group offered the shareholders around ten billion euros and the assumption of debts in the amount of four billion euros. The management board and supervisory board of Deutsche Wohnen rejected the offer, as did the majority of the shareholders. The takeover failed in February 2016, initially preventing a merger between Deutsche Wohnen and LEG Immobilien. Vonovia made the latter a condition of its own offer. A new attempt was announced in May 2021. The Federal Cartel Office approved the project.

Current developments

New construction of the corporate headquarters

Vonovia headquarters in Bochum (2018)

In 2015, it was decided to relocate the administrative and statutory headquarters to Bochum and to set up a new headquarters there. The building on Universitätsstrasse with space for around 1,000 employees was moved into in 2018.

European expansion

In 2016 Vonovia announced the takeover of the Austrian Conwert Immobilien , which Deutsche Wohnen had failed a year earlier. The stock of 24,500 apartments was mainly distributed between the two major German cities of Leipzig and Berlin, with only around 10% of the portfolio in Vienna. In 2018, it bought the real estate group Buwog, which is also based in Austria, with around 49,000 apartments. Since the withdrawal from the Vienna Stock Exchange, both companies have continued to operate as largely independent subsidiaries. The acquisitions made Vonovia the leading real estate group in Austria.

A strategic partnership was agreed with the French housing company Société Nationale Immobilière (now CDC Habitat), which belongs to the French investment company Caisse des Dépôts. The takeover of the Swedish housing company Victoria Park with 13,700 apartments in the metropolises of Gothenburg, Malmö and Stockholm proved to be a further step in Vonovia's internationalization. Other investors had also expressed interest. Vonovia reached the 50% stake threshold in 2018, and more than 90% in 2019 thanks to the purchase option. After the squeeze-out of the remaining shareholders, Victoria Park was taken off the stock exchange. In the same year Vonovia also took over the Swedish housing company Hembla with around 21,000 apartments.

Due to numerous successful acquisitions, Vonovia's profit exceeded the one billion euro mark for the first time in the 2018 financial year .

Corona pandemic

In response to the global outbreak of the new type of respiratory disease COVID-19 , Vonovia announced that it would “accommodate” tenants in financial difficulties. The Group expressly welcomed the initiative of the Federal Government , protection against dismissal be granted. In addition, market-related rent increases and evictions were suspended. Vonovia also announced its intention to participate in neighborhood aid initiatives.

Corporate structure

legal form

Vonovia is a European company (Societas Europaea, SE for short) and is entered in the commercial register of the Bochum local court. According to the Articles of Association of June 2019, the object of the company is "the conduct of real estate transactions and related business of any kind, in particular the acquisition, management and sale of developed and undeveloped land and land rights in Germany and abroad." Involve domestic and foreign partnerships and corporations and undertake other transactions, insofar as these are useful for realizing the company's purpose.

Shareholders

The share capital of Deutsche Annington Immobilien Gruppe is 542,270,000 euros and was last increased in May of 2019. It is divided into 542.27 million no- par value bearer shares . These are traded on the regulated market ( Prime Standard ) of the Frankfurt Stock Exchange and have been part of the German Stock Index ( DAX ) of the largest listed companies on the German stock market since 2015 . It is also listed in the STOXX Europe , MSCI Germany and EPRA , for example .

According to the definition of the German stock exchange , over 90% of the shares are in free float. Vonovia's largest shareholders include the US fund company BlackRock (7.5%) and the Norwegian central bank Norges Bank (6.6%). The majority of investors are pension funds , sovereign wealth funds , international asset managers and other long-term investors. There are also numerous individual shareholders.

management

The constitution of the company follows the dual system of an executive ( board of directors ) and a controlling body ( supervisory board ).

Board

Vonovia's Management Board includes at least two people who are each appointed for a term of office of no more than six years. The society is represented by two members or a board of directors together with an authorized signatory. If necessary, the supervisory board can appoint a chairman of the board of directors and a deputy chairman of the board of directors. According to the statutes, the former has a right of veto , which means that resolutions of the committee are deemed not to have been passed.

The board currently consists of Rolf Buch (chairman) as well as Arnd Fittkau, Helene von Roeder and Daniel Riedl.

Former CEO
  • Volker Riebel (July 2001 to December 2006)
  • Georg Kulenkampff (December 2006 to March 2007)
  • Wijnand Donkers (May 2007 to September 2012)

From September 2012 to March 2013, Robbie Barr, formerly vice chairman of the supervisory board, was a member of the company's board of directors. He only changed to the board temporarily until a new chairman of the board was found in Rolf Buch.

Supervisory board

Vonovia's Supervisory Board consists of twelve people. They are each elected for the period up to the end of the general meeting that decides on the fourth financial year after the start of the term of office. The financial year in which the term of office begins is not counted. Alternatively, the general meeting can determine shorter terms of office. In addition, an extraordinary dismissal of supervisory boards with a majority of three quarters of its members is possible.

The chairman of the supervisory board is Jürgen Fitschen , formerly co-chairman of the board of management of Deutsche Bank . His deputy is Edgar Ernst, President of the German Audit Office for Accounting . Other members are Burkhard Ulrich Drescher , Vitus Eckert, Florian Funck, Ute Geipel-Faber, Daniel Just, Hildegard Müller , Klaus Rauscher , Ariane Reinhart , Clara-Christina Streit and Christian Ulbrich. This results in a proportion of women of one third.

Former chairwoman of the supervisory board
  • Edgar Ernst (September 2017 to May 2018)
  • Wulf Bernotat (June 2013 to August 2017)
  • Guy Hands (July 2001 to June 2013)

Real estate portfolio

In the 2020 financial year, Vonovia owned 415,688 apartments, 139,429 garages and parking spaces as well as 6,564 commercial units. These are distributed over 630 cities and municipalities in Germany, Sweden and Austria. In terms of market value, the majority of the portfolio was in Germany (84%), the rest in Sweden (11%) and Austria (5%). In addition, there were 74,021 apartments that Vonovia managed on behalf of third parties.

Germany

Most of the 355,285 apartments in Germany are located in the southern Ruhr area (43,428, 12%), in Berlin (43,171, 12%), in Dresden (38,505, 11%), in the Rhineland (28,421, 8%) and in the Rhine-Main -type region (27,290, 8%). The northern Ruhr area, Kiel and Hamburg followed . Nationwide, the living space amounted to 22.177 million m 2 , which corresponded to an average size of around 62 m 2 . With a vacancy rate of 2.2% achieved Deutsche Annington Immobilien Gruppe a monthly rental income of 6.95 euros per m 2 .

Sweden

The Swedish housing stock (72 m 2 on average, 2.738 million m 2 in total) was primarily distributed among the three large cities of Stockholm, Gothenburg and Malmö. The vacancy rate (2.3%) and the monthly rent excluding bills (EUR 10.31 per m 2 ) were leading in the portfolio.

Austria

The Austrian apartments, which are mainly located in Vienna, with an average of 74 m 2 , totaled 1.645 million m 2 . With a vacancy rate of 4.6% Deutsche Annington Immobilien Gruppe took a rental income of EUR 4.79 per month per m 2 a.

Financial metrics

in million euros 2014 2015 2016 2017 2018 2019 2020
Total assets 5,309.9 11,735.3 32,552.1 37.516.3 49,387.6 56,497.7 62,417.4
Equity 2,670.1 7,164.3 13,888.4 16,691.2 19,664.1 21,069.7 24,831.8
Equity ratio 40.4% 38.3% 42.7% 44.5% 39.8% 37.3% 39.8%
Rental income 789.3 1,414.6 1,538.1 1,667.9 1,894.2 2,074.9 2,285.9
Profit ( EBITDA according to IFRS ) 500.3 838.4 1,083.7 1,271.8 1,534.4 1,579.6 1,822.4
Cash flow from operating activities 453.2 689.8 828.9 946.0 1,132.5 1,555.9 1,430.5
Profit or loss for the period 409.7 994.7 2,512.9 2,566.9 2,402.8 1,294.3 3,340.0

Foundations

Vonovia Foundation

The Vonovia Foundation (formerly Deutsche Annington Foundation) is a non-profit foundation that was established in 2003. Your job is to support people in coping with a wide variety of social challenges. In doing so, she wants to promote neighborly coexistence in the Group's properties. Examples of their commitment are donations to kindergartens for the purchase of new play and climbing equipment as well as the promotion of youth clubs .

Vonovia Tenant Foundation

The Vonovia Tenant Foundation is a non-profit association that promotes the coexistence and cohesion of different generations. It was launched by Deutsche Annington and the German Tenants' Association, State Association of North Rhine-Westphalia , and has equal representation from both parties.

GAGFAH - Human and Living Foundation

The GAGFAH - Human and Living Foundation is a non-profit foundation of the former Gagfah. She sees her task in promoting meeting places for young people and senior citizens, which should encourage tenants to identify with their living environment.

Pro Bochum Foundation

Numerous companies from Bochum cooperate in the non-profit foundation Pro Bochum, including the Sparkasse Bochum and Stadtwerke Bochum . Its aim is to promote culture, science and sport at the location.

Sponsorship

In 2016, the group secured the naming rights to the Ruhrstadion , the home of VfL Bochum . The company name (Vonovia) was combined with the traditional stadium name, so that it has officially been called Vonovia Ruhrstadion ever since . The renaming received special attention in the media.

criticism

maintenance

As early as 2005, politicians criticized the short-term profit drive of Deutsche Annington and spoke generally of a "locust plague" on the housing market. Over the years, the accusation has repeatedly arisen in many regions that the property is being maintained inadequately. This was confirmed by a report published in 2012 on behalf of the Enquete Commission on Housing Change and New Financial Investors for North Rhine-Westphalia . In 2014, the WDR also criticized the poor quality of the apartments after the acquisition by Deutsche Annington in the documentary “Die Annington” in the series “Die Story” .

In 2015, representatives from Vonovia explicitly described the austerity measures of earlier years as a mistake.

modernization

As a result of delayed maintenance, expensive modernizations were carried out, the costs of which were passed on to the tenants. Large cities such as Hamburg , Hanover and Mainz were particularly affected . Occasionally, Deutsche Annington tried to deduct a flat rate for repairs from the rent in order to enforce a rent increase in agreement with the rent index. However, this practice was prohibited by the Federal Court of Justice in 2011 . Representatives of the tenants' association criticized the company "modernizing as a business" and wanting to make a profit with it. Tenants were advised to seek professional advice.

Although Vonovia originally wanted to spend more on maintenance and modernization, activities in this area were reduced in 2019. The company limited the modernization levy, so that the rent increase is a maximum of two euros per square meter. Tenants over 70 years of age are now guaranteed the long-term affordability of their apartments.

Billing of ancillary costs

As early as 2008, the German Tenants' Association warned against excessive utility bills from Deutsche Annington. The company tries "with tricks" to come up with additional claims for previous years. There have been cases in which bills were sent for years earlier. Inadmissible requirements, such as those for garden wood, were sometimes justified with technical problems. The ZDF magazine WISO advised Vonovia tenants to do the math and appeal. In 2018, Günter Wallraff and his team uncovered errors in the maintenance of heating systems in an article for RTL . The tenants should pay for heating valves that were not installed at all.

In 2019 tenant associations announced a model declaratory action against the company based on unjustified invoices. Vonovia rejected the allegations. Nothing further has been known about the announced lawsuit to date (as of April 2021).

In February 2021, 28 regional tenant associations sent an open letter to the board of directors of the stock corporation to submit "correct and transparent bills for all Vonovia tenants".

Publications

  • Home . Vonovia, Bochum, DNB  1131103548 (first edition: 2016, customer magazine).

See also

Web links

Commons : Vonovia  - Collection of Images

Individual evidence

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  62. ↑ The bidding war for LEG enters the hot phase . In: Handelsblatt . January 28, 2008, p. 22 .
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