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Deutsche Wohnen SE

logo
legal form European society
ISIN DE000A0HN5C6
founding 1998
Seat Berlin , GermanyGermanyGermany 
management
  • Michael Zahn ( CEO )
    Philip Grosse
    Henrik Thomsen
    Lars Urbansky
Number of employees 5,323 (ø 2020)
sales 2.742 billion euros (2020)
Branch Real estate industry
Website www.deutsche-wohnen.com
As of April 2, 2021

Deutsche Wohnen is based in Berlin-Wilmersdorf

The German residential SE is a publicly listed German residential property company based in Berlin . The company owns around 155,400 apartments (114,200 of which are in Berlin) and 2,900 commercial properties . The real estate portfolio also includes 77 care properties with 9,580 care places and 1,000 apartments for assisted living . 75% of the around 5,300 employees on average in 2020 worked in nursing.

In 2020, the company generated sales of around 2.7 billion euros, of which 1.25 billion euros from the sale of real estate, 1.2 billion euros from leasing and 0.25 billion euros from the operation and leasing of care properties. A large part of the pre-tax profit of 2.2 billion euros achieved in 2020, 1.9 billion euros, is attributable to increases in the value of real estate.

Deutsche Wohnen was admitted to the MDAX in 2010 and was promoted to the DAX in June 2020 .

history

Deutsche Wohnen was founded in 1998 by Deutsche Bank AG . In 1998, the basis was a residential property portfolio, which was acquired in 1998 by the Hoechst pension fund and the state of Rhineland-Palatinate .

It was listed on the stock exchange in November 1999. It was only after the domination agreement with Deutsche Bank AG was terminated that Deutsche Wohnen AG has been an independent, publicly listed stock corporation since July 2006 . In July 2007 the company acquired GEHAG . In 2014 Deutsche Wohnen planned to acquire the Austrian Conwert Immobilien Invest for around one billion euros.

In 2012, the company took over 23,500 apartments from the British Barclays Bank with Baubecon for an enterprise value of 1.24 billion euros.

In November 2013, Deutsche Wohnen successfully completed the takeover of the MDAX- listed GSW Immobilien AG, which was created as a result of the privatization of Berlin's largest municipal housing company .

Failed merger with LEG Immobilien

On September 21, 2015, Deutsche Wohnen announced that it wanted to merge with its competitor LEG Immobilien . This was to be done through a share swap in which LEG shareholders would have received 33 new Deutsche Wohnen shares for ten LEG shares. In total, the volume would have been EUR 4.6 billion . After the merger, which should be completed by the end of 2015, the shareholders of Deutsche Wohnen should hold 61% of the shares in the new company, the LEG shareholders the remaining 39%. The merger would have created Germany's second largest real estate company after Vonovia with 250,000 apartments and a property value of 17 billion. In October 2015, it became known that the takeover of LEG Immobilien was withdrawn due to pressure from Deutsche Wohnen's shareholders.

Vonovia takeover offer

On October 14, 2015 Vonovia submitted a hostile takeover offer to Deutsche Wohnen shareholders for 14 billion euros, but on the premise that the merger with LEG Immobilien would be rejected at the Annual General Meeting on October 28, 2015 and that Deutsche Wohnen would no longer have any significant assets acquires. On October 22, 2015, Deutsche Wohnen canceled its own general meeting, which would have been necessary for the takeover of LEG, due to a change in the vote of influential voting rights advisors . Deutsche Wohnen's management board and supervisory board have since fended off Vonovia's takeover offer, which was considered too low. In order to underline its independence and its own growth opportunities, Deutsche Wohnen signed a contract with Patrizia AG in November 2015 to acquire a portfolio of 13,600 apartments (plus around 2,000 additional units in the second half of 2016) for 1.3 billion euros. Vonovia announced, however, that it would continue to pursue the takeover despite this acquisition and submitted an official takeover offer to the shareholders on December 2, 2015 after the company had received the green light from its own shareholders on November 30, 2015 for the necessary capital increase.

After it became apparent at the end of January 2016 that the targeted share quota of 57% could not be obtained by the original date on January 26, Vonovia extended the offer period to February 9 and at the same time reduced the quota to 50%. The company was unable to achieve this goal either, as only 30% of the shareholders accepted the offer. The takeover attempt was therefore considered to have failed.

Relocation to Berlin

Deutsche Wohnen has been based in Berlin since 2017 - previously the company was based in Frankfurt am Main . Also in 2017, the company changed its legal form from an AG to a European company and has been called Deutsche Wohnen SE since then.

At the beginning of November 2017, the company announced that it would file a constitutional lawsuit against the Berlin rent index.

In 2018, Deutsche Wohnen wanted to buy three apartment blocks from Predac Immobilien Management AG in Berlin's Karl-Marx-Allee . The Berlin Regional Court stopped the takeover in mid-December by means of an injunction: the execution of the sales deeds was prohibited for a total of 675 apartments and 57 commercial units until further notice. According to press reports, the Friedrichshain housing association (WBF), which owned the apartment blocks until the mid-1990s, had sued. Berlin's Senator for Finance Matthias Kollatz ( SPD ) welcomed the decision: The Berlin Senate now has more time to help tenants acquire the apartments themselves and then transfer them to a municipal housing association. Otherwise, a deadline would have expired on January 5, 2019, which would have allowed the residents to do so. The state-owned Gewobag, the Friedrichshain-Kreuzberg district administration and the Senate had developed a model to achieve remunicipalisation of the apartments concerned via the right of first refusal (see Section 577 BGB) .

In April 2019 it was reported that the Berlin Regional Court declared the Berlin rent index to be illegal. This lacks a sufficient basis for estimating. A subsidiary of Deutsche Wohnen had sued. The managing director of the Berlin tenants' association , Wibke Werner, criticized the judgment as confusing and sees a need for action at the federal level : a statutory ordinance is required for the creation of rent indexes. In June 2019 the Berlin Senate announced that a five-year rent increase freeze would be introduced from January 2020. On March 25, 2021, the Federal Constitutional Court ruled that the law on rent limitation in housing in Berlin (MietWoG Bln), known as the "rent cap", in the version of Article 1 of the law on the revision of statutory provisions on rent limitation of February 11, 2020 (law and Ordinance Gazette for Berlin of February 22, 2020 page 50) is incompatible and void with Article 74 paragraph 1 number 1 in conjunction with Article 72 paragraph 1 of the Basic Law . The state of Berlin has no legislative competence after the rental price brake decided by the federal government in 2015 . With Sections 556 to 561 BGB, the federal legislature finally made use of the competing jurisdiction for rental price law as part of civil law. If the federal government makes use of the competing legislation , the federal states lose the right to legislate in accordance with Article 72, Paragraph 1 of the Basic Law at the time (“as long as”) and to the extent (“to the extent”) in which the federal government is permitted to exercise its legislative competence Claims (so-called blocking effect).

Planned takeover by Vonovia

A planned takeover by Vonovia was announced on May 24, 2021 . Corresponding items on the agenda (authorization to purchase own shares) were therefore canceled for the Annual General Meeting on June 1, 2021. The Federal Cartel Office approved the takeover project.

activities

Deutsche Wohnen SE manages a portfolio of around 160,000 residential and commercial units with a total value of 26.2 billion euros. The approximately 155,400 apartments are located in the greater Berlin area (114,200), in Dresden / Leipzig (10,600), in Frankfurt am Main (9,600), in Hanover / Braunschweig (5,900) and in Cologne / Düsseldorf (2,900). The company also builds, buys and sells real estate. In the care and assisted living segment , Deutsche Wohnen operates care facilities itself and also rents them to external operators. The number of care places and apartments increased from 6,700 in September 2017 to 10,580 in December 2020.

organization

The group of companies is divided into three levels: The roof is formed by Deutsche Wohnen SE, which, as a holding company, performs central financial and management tasks such as personnel administration, communication, financing and asset management. The Group's properties are grouped together in what are known as asset companies.

The Executive Board is currently made up of four people. The supervisory board consists of six people.

Monument protection

Around 30,000 residential units of the company are listed . As a result of the takeover of GEHAG, Deutsche Wohnen owns four UNESCO World Heritage sites in Berlin - the Britz Horseshoe Estate , the White City , the Siemensstadt Ring Estate and the Carl Legien residential area . These monuments are examples of social housing in the Weimar Republic .

Social commitment and sponsoring

In close cooperation with local associations and institutions, Deutsche Wohnen is involved in a wide variety of initiatives and various areas of public life. These include the so-called DW fund to promote the development of the district of Falkenhagener Feld , Berlin-Spandau and support for the NaDu children's home in Hanover- Stahlkamp.

The company has a long tradition of actively supervising and supporting art projects. For example, there is a cooperation with the Bröhan Museum , Berlin.

Deutsche Wohnen is the main and shirt sponsor of the Füchse Berlin handball club .

criticism

Capitalization of social housing

Deutsche Wohnen and its subsidiaries have been criticized for their return-oriented housing and rent policy. For example, the acquired GSW Immobilien is accused of not maintaining the existing stock of apartments adequately and not or only inadequately remedying deficiencies, especially since the takeover by Deutsche Wohnen. It is also accused of generating income not only through constant rent increases, but also through above-average additional costs, which result from service contracts with subsidiaries, whereby a de facto rent increase takes place. Tenant initiatives in Berlin , where Deutsche Wohnen owns around 115,000 units in the metropolitan area of ​​the capital, two thirds of its total portfolio, are protesting against Deutsche Wohnen's rent policy .

Expropriation as a solution

In 2018, at the suggestion of the Interventionist Left, an initiative was founded to bring about a referendum that Deutsche Wohnen and other profit-oriented, oversized housing companies in Berlin should be expropriated in accordance with Article 15 of the Basic Law and that their housing stocks should be socialized. Their administration would then be taken over by an institution under public law . In 2019, the initiative "Expropriate Deutsche Wohnen & Co." sparked a federal political debate on expropriations from housing companies.

share

On June 22, 2020, Deutsche Wohnen SE was promoted to the DAX 30 and replaced the troubled Deutsche Lufthansa there . This makes Deutsche Wohnen the second real estate company in the leading index alongside Vonovia . Before that, the company's shares had been listed on the MDAX since December 2010 . They are also included in the major EPRA / NAREIT, STOXX Europe 600 and GPR 15 indices .

The approximately 360 million shares in the company were distributed among the shareholders on January 6, 2021 as follows:

proportion of Shareholders
11.48% BlackRock , Inc., New York City United StatesUnited StatesUnited States 
9.94% MFS Investment Management, Boston United StatesUnited StatesUnited States 
6.93% Norges Bank , Oslo Norway (indirectly for the State Pension Fund ) NorwayNorway 
4.47% Deutsche Wohnen SE, Berlin Germany (own shares) GermanyGermany 
3.10% State Street Corporation , Boston United StatesUnited StatesUnited States 
64.08% Others

The dividend per share has risen continuously in recent years and the dividend yield has been more than 2% since 2015. The value of the stocks themselves has also doubled since then.

Housing policy in Berlin has an impact on share prices. After the Senate announced that it would introduce a five-year rent increase freeze (Berlin rent cap ), the share price fell in June 2019 from over 42 to 36 euros, but has since risen to over 50 euros.

See also

Web links

Individual evidence

  1. ↑ a b History fact sheet. (PDF; 0.4 MB) Deutsche Wohnen, accessed on April 2, 2021 .
  2. ↑ a b c d e f g h i Annual Report 2020 (PDF; 3.4 MB) Deutsche Wohnen, accessed on April 2, 2021 .
  3. ^ Pension fund for employees of the Hoechst Group VVaG. Retrieved April 21, 2020 .
  4. ↑ Angelika Gruber and Kathrin Jones: Deutsche Wohnen launches $ 1.1 billion takeover offer for Conwert. In: Reuters. February 15, 2014, accessed February 15, 2015 .
  5. ↑ Archive of the press releases from 2012: Deutsche Wohnen AG signs purchase agreement for the acquisition of companies in the BauBeCon Group ( Memento from September 13, 2016 in the Internet Archive )
  6. ↑ Deutsche Wohnen AG: Annual Report 2014. (PDF; 5.39 MB) Archived from the original on July 23, 2015 ; accessed on August 10, 2015 .
  7. ↑ UPDATE / Deutsche Wohnen and LEG land billions coup - message. In: finanzen.net. September 21, 2015, accessed January 21, 2017 .
  8. ↑ Financial News. In: leg-nrw.de. January 18, 2017. Retrieved January 21, 2017 .
  9. ↑ Deutsche Wohnen withdraws takeover plans for LEG . In: manager magazin . ( manager-magazin.de [accessed October 15, 2018]).
  10. ↑  ( page no longer available , search in web archives )@1@ 2Template: Dead Link / www.vonovia.de
  11. ↑ n-tv news television: Vonovia initiative rejected: Deutsche Wohnen cancels LEG takeover. In: n-tv.de. October 21, 2015, accessed January 21, 2017 .
  12. ↑ Reuters: Deutsche Wohnen defends itself. In: FAZ.net . November 28, 2015, accessed January 21, 2017 .
  13. ↑ 14 billion for Deutsche Wohnen: Vonovia officially presents a takeover offer. In: mobil.n-tv.de. December 2, 2015, accessed January 21, 2017 .
  14. ^ Takeover battle for Deutsche Wohnen: Vonovia extends deadline for shareholders. In: Spiegel Online . January 25, 2016. Retrieved January 21, 2017 .
  15. ↑ Housing group: Vonovia fails with mega takeover. In: Spiegel Online . February 10, 2016, accessed January 21, 2017 .
  16. ↑ Tradition & Modernity. Retrieved November 25, 2018 .
  17. ↑ Ralf Schönball: Deutsche Wohnen starts a major attack on the rent index. In: Der Tagesspiegel . November 1, 2017, accessed November 1, 2017 .
  18. ↑ Erik Peter: Fight for Karl-Marx-Allee: court slows down “Deutsche Wohnen”. In: The daily newspaper . December 18, 2018, accessed December 19, 2018 .
  19. ↑ Robert Kiesel: Many tenants on Karl-Marx-Allee buy their apartments. In: Der Tagesspiegel. January 3, 2019, accessed March 14, 2019 .
  20. ^ Regional court overturns Berlin rent index. Retrieved April 12, 2019 .
  21. ↑ Rent increases in Berlin - suddenly nobody wants to have it. Retrieved June 20, 2019 .
  22. ↑ 2 Senate of the Federal Constitutional Court: Federal Constitutional Court - decisions - law on rent limitation in housing in Berlin ("Berlin rent cover") void. March 25, 2021, accessed May 6, 2021 .
  23. ↑ https://www.spiegel.de/wirtschaft/unternehmen/vonovia-will-offenbar-deutsche-wohnen-uebernehmen-a-eeaa9178-d8c9-4aa2-abac-d683d5530831
  24. ↑ Agenda items 10 and 11 according to the announcement for the Annual General Meeting
  25. ↑ https://www.tagesschau.de/wirtschaft/unternehmen/kartellamt-genehmigung-vonovia-deutsche-wohnen-fusion-101.html
  26. ↑ Group interim management report Sept. 2017, p. 3
  27. ↑ Business areas, Deutsche Wohnen ( Memento from November 6, 2016 in the Internet Archive )
  28. ↑ Management Board and Supervisory Board of Deutsche Wohnen SE. Retrieved April 21, 2020 .
  29. ↑ About us - Deutsche Wohnen. Retrieved April 2, 2021 .
  30. ↑ Deutsche Wohnen is investing 23 million euros in the “White City” residential complex in Berlin. (No longer available online.) In: Rohmert Medien. May 26, 2015, archived from the original on May 4, 2018 ; accessed on May 3, 2018 .
  31. ↑ Deutsche Wohnen is continuing the renovation of the Siemensstadt UNESCO World Heritage Site. In: BBU news. November 18, 2015, accessed May 3, 2018 .
  32. ↑ World Heritage Berlin - home page. Retrieved April 21, 2020 .
  33. ↑ Deutsche Wohnen promises 20 cents more. In: n-tv.de. March 21, 2017. Retrieved May 3, 2018 .
  34. ^ DW Fund - District Management Falkenhagener Feld WestWest in Berlin-Spandau. Accessed April 21, 2020 (German).
  35. ↑ https://www.deutsche-wohnen.com/html/5669.php NaDu Kinderhaus
  36. ↑ Brigitte Schmiemann: Free entry to the Bröhan Museum once a month. In: Berliner Morgenpost. July 12, 2016. Retrieved April 20, 2018 .
  37. ↑ Press release Bröhan Museum, sponsoring Deutsche Wohnen
  38. ↑ Art & Culture, Deutsche Wohnen ( Memento from August 9, 2018 in the Internet Archive )
  39. ↑ w media Ltd NL Germany: Deutsche Wohnen becomes a strategic partner of Füchse Berlin. Retrieved April 21, 2020 .
  40. ↑ Jessica Pillatzki: New main sponsor for the foxes. In: Bild.de. June 4, 2016, Retrieved April 20, 2018 .
  41. ↑ Füchse present new main sponsor. In: Berliner Zeitung. March 6, 2016, accessed April 20, 2018 .
  42. ↑ Charged to tenants This is how Deutsche Wohnen's business model works . In: tagesspiegel.de , February 19, 2019
  43. ^ Demonstration against the GSW. In: Kotti & Co. February 19, 2014, accessed on April 21, 2020 (German).
  44. ↑ A terrible Christmas thanks to GSW / Deutsche Wohnen. In: Kotti & Co. December 22, 2013, accessed on April 21, 2020 (German).
  45. ↑ GSW takes over Deutsche Wohnen - criticism. August 20, 2013, accessed April 21, 2020 .
  46. ↑ Jan Kuhnert, Olof Leps: It is time for a new non-profit residential property . In: New non-profit housing . Springer Fachmedien Wiesbaden, 2017, ISBN 978-3-658-17569-6 , p. 261-274 , doi : 10.1007 / 978-3-658-17570-2_9 ( springer.com [accessed February 28, 2017]).
  47. ↑ In focus: the portfolio. Retrieved April 21, 2020 .
  48. ↑ dwenteignen.de
  49. ↑ Housing shortage: Association of cities and municipalities warns of the consequences of the expropriation debate . In: Spiegel Online . April 8, 2019 ( spiegel.de [accessed April 8, 2019]).
  50. ↑ Malene Gürgen: Berlin rental market: Rent makes you powerful . In: The daily newspaper: taz . April 5, 2019, ISSN  0931-9085 ( taz.de [accessed June 4, 2019]).
  51. ↑ Deutsche Wohnen rises to the Dax. Retrieved July 5, 2020 .
  52. ↑ Basic information, Deutsche Wohnen
  53. ↑ a b WKN A0HN5C DEUTSCHE WOHNEN share - Consorsbank. Retrieved April 21, 2020 .
  54. ↑ How the rent cap affects share prices. Retrieved June 20, 2019 .
  55. ↑ boerse-berlin.de//Aktien?isin=DE000A0HN5C6 Price on the Berlin Stock Exchange , accessed on May 27, 2021