Viterra (real estate company)
| Viterra AG
|
|
|---|---|
 |
|
| legal form | Corporation |
| founding | 1998 |
| resolution | 2006 |
| Reason for dissolution | takeover |
| Seat |
Essen Germany
|
| management | Wolfhard Leichnitz, CEO |
| Number of employees | 1887 (December 31, 2003) |
| sales | EUR 1.084 billion (2003) |
| Branch | Housing company |
| Status: 2003 | |
The Viterra AG was a housing and real estate companies , which by the VEBA (later E.ON ) was founded. It was initially called Veba Wohnen , later Veba Immobilien .
The real estate subsidiary of the largest German energy supplier E.ON AG was Germany's largest property owner with 152,000 apartments until August 2005. It was taken over in 2005 by the Deutsche Annington Immobilien Group for seven billion euros.
history
In 1974 Westdeutsche Wohnhäuser AG, Rheinisch-Westfälische Wohnstätten AG, Westfälische Wohnstätten AG and Ruhrwohnungsbau GmbH merged to form the Wohnstätten group of companies. In 1998 the group north of Berliner Gesobau was sold to Veba Wohnen.
The Bochum public prosecutor's office investigated in 1997 for embezzlement. In the previous 20 years, funds in at least double-digit millions are said to have been embezzled.
In 1998 Raab Karcher AG and Veba Immobilien were merged to form Viterra AG .
After E.ON AG had decided to sell its real estate subsidiary, there were numerous housing sales and apartment privatizations in order to make Viterra AG “capital market ready”. That is, it was believed that no financial investors could be found for a housing company of this size. The apartment sales sparked riots and protests among tenants. In response to pressure from tenant organizations and the state government, Viterra AG published on August 26, 2004 a "voluntary commitment to the socially responsible organization of apartment sales", which was taken over by the purchaser and is still in force.
With the approval of the Supervisory Board in May 2005 - and after approval by the EU Commission under antitrust law - Viterra AG was sold on August 14, 2005. When the contract was signed, Wolfhard Leichnitz, CEO of Viterra-AG since spring 2001, left the company amicably.
The buyer was the Düsseldorf company Deutsche Annington Immobilien GmbH (DAIG), a subsidiary of the British private equity investor Terra Firma Capital Partners . The purchase price was seven billion euros, from which E.ON expected a book profit of 2.4 billion euros.
After the purchase, Deutsche Annington became the largest property owner in Germany with a portfolio of almost 230,000 apartments. The conversion of E.ON into a pure energy company (according to the 2004 annual report) is now complete.
As a result of the merger, Viterra AG took over the name of Deutsche Annington in 2006.
Web links
Individual evidence
- ↑ Employee ( Memento of the original from May 12, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Viterra at a Glance ( Memento of the original from May 11, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ www.focus.de : Fraud of millions at VEBA-Immobilien (June 30, 1997)
- ↑ Viterra AG voluntary commitment (PDF; 88 kB), accessed on March 24, 2013
- ↑ www.manager-magazin.de : BILLION SALES - Eon sells real estate subsidiary Viterra (May 17, 2005)
