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Deutsche Wohnen said on Sunday it was making an all-share offer
for LEG that values LEG's equity at 4.6 billion euros ($5.2
billion), as consolidation intensifies in the German real estate
market.
The combined entity will own around 250,000 residential
apartments, still behind Vonovia's portfolio of 350,000.
Deutsche Wohnen Chief Executive Michael Zahn said in a
conference call on Monday that future purchases by the combined
Deutsche Wohnen-LEG would focus on LEG's core region, Germany's
most populous state North Rhine-Westphalia.
Berlin, where Deutsche Wohnen owns much of its property, is also
still attractive, he said.
Vonovia, which has just changed its name from Deutsche Annington,
has grown rapidly through the acquisition of peers including
Gagfah, which helped it become the first real estate group on
Germany's blue-chip DAX index on Monday.
($1 = 0.8836 euros)
(Reporting by Kathrin Jones; Writing by Maria Sheahan; Editing
by David Holmes)
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