Germany’s largest residential landlord Vonovia, formerly known as Deutsche Annington, has announced the takeover of Bonn-based IVV Immobiliengruppe.

Germany’s largest residential landlord Vonovia, formerly known as Deutsche Annington, has announced the takeover of Bonn-based IVV Immobiliengruppe.

The merger will add IVV’s 16,000 properties to Vonovia’s portfolio from 1 January. The apartments are concentrated mainly in the Rhine metropolitan locations of Cologne, Bonn and Düsseldorf.

The parties agreed not to disclose the purchase price or identify possible synergies arising from the deal. IVV’s 70 staff members will be transferred to Vonovia.

Vonovia also announced it had acquired property management and services company O-TEC, based in the Bavarian town of Landsberg-am-Lech, which manages 80,000 residential properties and 10,000 industrial units.

‘We are established across Germany and have built a unified landscape of systems and processes – ideal conditions for further growth,’ said Chief Controlling Officer of Vonovia, Gerald Klinck.

‘With the integration of IVV Immobiliengruppe we can realise synergies and added value that benefit our clients. That is what our strategic activities will determine in future.’

Vonovia’s current portfolio, excluding the IVV properties, comprises 370,000 residential apartments with a total value of €23.1 bn.

The company is currently bidding to take over its largest competitor, Deutsche Wohnen, in a deal that would swell its portfolio to more than half a million properties. Deutsche Wohnen is urging Vonovia shareholders to reject the offer when they vote on 30 November.