Europe’s largest residential landlord, Deutsche Annington, is set to rebrand itself Vonovia following its takeover of peer Gagfah.
Europe’s largest residential landlord, Deutsche Annington, is set to rebrand itself Vonovia following its takeover of peer Gagfah.
Shareholders will be asked to endorse the name change at the Düsseldorf-based company’s annual general meeting on 30 April.
Deutsche Annington closed the acquisition of Gagfah in February in a cash and shares deal worth €3.9 bn. The new super-landlord will have a portfolio of 350,000 flats worth around €21 bn.
Germany’s antitrust authority has cleared the deal, which will create Europe’s second largest real estate company after France’s Unibail-Rodamco.
Major investors in Deutsche Annington include the Abu Dhabi Investment Authority (12%), Norges Bank (8%) and BlackRock (7%).
In February 2014 the company swellled its portfolio by 24%, or 40,000 housing units, when it acquired Vitus Immobilien and homes owned by DeWAG in separate deals for around €2.4 bn.
Vonovia is the Roman name for Binchester, a former fort near Bishop Auckland in the north-east of England which was rediscovered in the 19th century and is best known for its well-preserved military bath house.
A Deutsche Annington spokesman said: ‘The new name will mark another important step of identification with the company.’