3 Business Combinations

Acquisition of QUARTERBACK München GmbH

On January 2, 2025, Vonovia acquired all of the shares in BUWOG Bauträger Süd GmbH (formerly QUARTERBACK München GmbH) via its wholly owned subsidiary Deutsche Annington Acquisition Holding GmbH. The provisional purchase price is around € 11 million. The company has 44 employees that provide development services in southern Germany. The purchase will further expand Vonovia’s development organization in southern Germany.

Vonovia obtained control over BUWOG Bauträger Süd GmbH on January 2, 2025. The transaction was classed as a business combination in accordance with IFRS 3.

The final allocation of the total purchase price of € 11.0 million to the acquired assets and liabilities (PPA) of QUARTERBACK München GmbH as of the date of first-time consolidation is based on the financial statements of BUWOG Bauträger Süd GmbH as of December 31, 2024, and on the known necessary adjustments to the fair values of the assets and liabilities.

The assets and liabilities assumed in the course of the business combination had the following fair values as of the date of first-time consolidation:

The acquired trade receivables are fully recoverable as of the acquisition date. The gross amount of the acquired trade receivables is € 0.8 million. The net carrying amount, which corresponds to the fair value, was € 0.8 million.