8 Subsequent Events

With regard to the sale of a portfolio in Berlin agreed in the first half of 2024, two companies with around 4,500 residential units were transferred, in economic terms, effective January 1, 2025. The sales price comes to around € 700 million.

On January 2, 2025, Vonovia acquired all of the shares in QUARTERBACK München GmbH via its wholly owned subsidiary Deutsche Annington Acquisition Holding GmbH. The provisional purchase price is around € 10 million. The company has 47 employees that provide development services in southern Germany. The purchase will further expand Vonovia’s development organization in southern Germany.

Vonovia obtained control over QUARTERBACK München GmbH on January 2, 2025. The transaction is classed as a business combination in accordance with IFRS 3. Due to the short period between the acquisition date and the date on which these financial statements were prepared, the disclosures pursuant to IFRS 3 cannot be made as yet.

On January 17, 2025, Vonovia signed a notarized contract for the acquisition of PFLEGEN & WOHNEN HAMBURG GmbH (P&W), including the associated properties, by the City of Hamburg. The acquisition comprises 13 nursing homes in Hamburg with around 2,000 employees and around 2,400 nursing places. The acquisition was made via HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement (HGV), the city’s largest group holding company, which belongs to the tax authorities and is an umbrella for the majority of the City of Hamburg’s private law companies. The purchase price is € 380.0 million.

At the extraordinary general meetings of Vonovia SE and Deutsche Wohnen SE on January 23 and 24, 2025, the control and profit-transfer agreement between Vonovia SE and Deutsche Wohnen SE was approved by the respective shareholders of both companies. This control and profit-transfer agreement takes effect upon entry into the commercial register of Deutsche Wohnen SE. Deutsche Wohnen SE’s entry in the Commercial Register is not yet certain due to an action for annulment brought against the resolution passed by the Annual General Meeting of Vonovia SE.

Once the entry has been made, Deutsche Wohnen SE will subsequently transfer its total annual profit to Vonovia SE or Vonovia SE will cover any losses incurred by Deutsche Wohnen SE. The outstanding shareholders will receive a guaranteed dividend of € 1.03 per share (net).

Under the terms of the control and profit-transfer agreement, the outstanding shareholders of Deutsche Wohnen SE will receive an offer to exchange Deutsche Wohnen shares for Vonovia shares.

On September 30, 2024, Vonovia and Apollo agreed to establish a company that is to hold 20% of the shares in Deutsche Wohnen SE. In addition to Vonovia, with a 49% stake, long-term investors advised by Apollo are to hold a total stake of 51% in this company. Vonovia’s cash inflow from this transaction will amount to just over € 1 billion.

As part of the planned further acquisitions of land to build on from the QUARTERBACK Immobilien Group, another purchase contract with a volume of around € 75 million was concluded on February 13, 2025.