The planned merger between German listed landlords Deutsche Wohnen and LEG Immobilien has moved a step closer following the granting of approval by the country's cartel authority.
The planned merger between German listed landlords Deutsche Wohnen and LEG Immobilien has moved a step closer following the granting of approval by the country's cartel authority.
Germany's Federal Cartel Office has rubber-stamped the proposed merger without demanding any changes or concessions.
The green light was one of the key conditions to allow the merger to go ahead and create a listed combination with 250,000 residential units and a combined portfolio value of €17 bn.
The next step involves Deutsche Wohnen's shareholders backing a capital increase to issue new shares for the exchange offer with LEG's shareholders.
Following this and subject to the approval by the German Federal Financial Supervisory Authority (BaFin), the publication of an offer document and the start of the acceptance period for the tender offer will be set.
Deutsche Wohnen is one of the largest publicly listed real estate companies in Germany and Europe with a focus on residential properties. At end-June 2015, the portfolio comprised 141,900 residential units and 2,100 commercial properties.
Deutsche Wohnen is listed on the Deutsche Börse’s MDAX and is included in the EPRA/NAREIT and GPR 100 indices.
