Listed German property firm Vonovia announced this week that it is acquiring around 1,000 apartments in Kiel, Germany, from the Danish company H&L Ejendomme. Financial details were being kept confidential.
The transaction is expected to close on December 30, 2020.
‘We are excited to expand our footprint in Kiel with this high-quality, sustainable portfolio. We have very close ties to the city and its people, and we have been managing our portfolio in line with social criteria for decades. As part of urban society, our goal is to provide our tenants with attractive homes at fair prices. We develop our neighborhoods in a socially responsible way – for example, by making senior-friendly renovations,’ said Dirk Brunnert, managing director of the North Region for Vonovia.
The previous owner has been putting this portfolio together since 2007. The employees of the former owner, H&L Immobilien GmbH, Kiel, a subsidiary of the Danish company H&L Ejendomme A/S, will be taken on by Vonovia.
‘We need their expertise and their energy; ultimately, we all still have a lot we want to accomplish in Kiel,’ said Dirk Brunnert.
Vonovia employs around 300 employees in the city and opened an office in the neighborhood of Kiel-Gaarden in December 2019.
Dentons advised Vonovia on the deal.
