Deloitte Legal advises Vonovia on the sale of a real estate portfolio with a total value of 500 million euros

The Deloitte Legal Real Estate team, led by Berlin partner Dr Katja Schwenzfeier, has advised Dax-listed Vonovia SE (Vonovia) on the sale of eleven development projects to a newly established fund in which HIH Invest Real Estate GmbH (HIH Invest) has invested alongside Vonovia, Germany's largest housing company. The fund has acquired a further three properties from Quarterback Immobilien AG. The transaction via the joint fund marks the start of the cooperation between Vonovia and HIH Invest.

The purpose of the fund, which was established in accordance with Article 8 of the EU Disclosure Regulation, is to acquire and manage development projects in German metropolitan regions. HIH Invest participates through a regulated AIF and acts as asset and fund manager. Vonovia's responsibilities include, in particular, property management. Vonovia also guarantees the first letting of residential and commercial properties.

With a total volume of more than €630 million, the fund's property portfolio comprises more than 127,000 m2 of lettable space (of which approximately 90 per cent is residential) and more than 1,000 parking spaces in underground garages and outdoor areas. The apartments in the fund's portfolio are two- and three-bedroom apartments, student apartments and apartments suitable for the elderly. The properties are located in Berlin, Leipzig, Hamburg, Dresden, Halle/Saale, Königs Wusterhausen and Böblingen. In accordance with the criteria of Article 8 of the EU Disclosure Regulation, the fund was launched with sustainability features. The energy-efficient development projects and new buildings meet KfW 55, KfW 55 EE and EnEV standards or are aiming for DGNB Gold certification. They also have charging and parking facilities for electric cars.

Dr Katja Schwenzfeier has been in contact with the Vonovia Group for a long time. She was part of the advisory team for the acquisition of 14,000 units for BUWOG's IPO, which was completed in 2014. The acquisition of BUWOG by Vonovia did not interrupt the business relationship; in fact, Dr Katja Schwenzfeier has been advising Vonovia Group companies on a regular basis ever since, particularly in connection with project development transactions.

Advisors to Vonovia SE:
Deloitte Legal Rechtsanwaltsgesellschaft mbH:
Real Estate: Dr. Katja Schwenzfeier (Partner, Lead); Carsten Brutschke; Hagen Brasse; Marco Engelmann; Susan Lange; Carina Fricke; Rebecca Gulden; Dr. Anselm Reinertshofer; Dr. Mark Jaeschke; Gunnar Fehringer; Darwin Pfeiffer; Jana Stefanek; Sebastian von Rüden (IP); Sonja Baier, Ailin Mehravar (both IP)

Published: October 2024