Vonovia has raised €1bn in two bond issues, paying an annual 1.19% coupon.

The listed German property company, formerly Deutsche Annington, said it was backed by existing investors, with the issues oversubscribed.

The two equal €500m issues have six and 10-year maturities.

Proceeds from the issues will be used to refinance the company’s existing debt.

Vonovia doubled the size of its portfolio of residential property assets last year and recorded 2.9% rental growth.

Its takeover of Gagfah in late 2014 boosted its portfolio to €24.2bn.

Vonovia’s portfolio now includes around 344,000 residential units.