Global law firm Dentons has advised Vonovia on the sale of approximately 2,400 residential units in Berlin and Dresden with a total value of €444.8 million.
In Berlin, CBRE Investment Management (CBRE IM) is acquiring 1,200 apartments for a purchase price of €357 million. The portfolio comprises 16 apartment buildings with a total area of 91,275 square meters, which are either newly built or which will be completed in stages by mid-2024.
The buyer of the portfolio in Dresden, which comprises 1,213 apartments, is the municipal housing company of the state capital of Dresden, Wohnen in Dresden GmbH & Co. KG (WiD). The price for the entire portfolio totals €87.8 million. Vonovia is also selling undeveloped plots of land in Dresden with an area of approximately 12 hectares to the state capital. The completion of the purchase agreement is subject to the approval of the Dresden City Council.
Vonovia SE, which has been listed on the DAX since 2015, is Europe's leading private residential real estate company. It owns 548,000 apartments in Germany, Sweden and Austria and manages 70,700 apartments.
A Dentons team from Munich, led by partner René Dubois, provided Vonovia with comprehensive legal advice on both transactions. The team regularly advises Vonovia on real estate transactions in Germany, most recently on the sale of a portfolio of 1,350 apartments to CBRE Investment Management in May 2023 and on the sale of a portfolio of Berlin apartments and commercial units to the municipal housing companies berlinovo, degewo and HOWOGE in September 2021.
Advisors to Vonovia SE:
Dentons (Munich): René Dubois (Partner), Jessica Vorster (Counsel, both lead), Dr. Birgit Gansel (Senior Associate), Léna Feldle von Schickfus und Neudorff (Senior Transaction Lawyer, all Real Estate).