German landlord Deutsche Wohnen is offering €11.50 a share for Conwert Immobilien, valuing the Austrian company at around €980m. The offer price is 4.8% above the closing price for Conwert shares on Friday.
Among major shareholders, Haselsteiner Familien-Privatstiftung will sell a 19% stake in Conwert, and will retain a 5.1% holding, while the Ehlerding family will sell all of its 6.6% stake.
Deutsche Wohnen’s chief executive officer, Michael Zahn, said Conwert was facing “major challenges,” and that Deutsche Wohnen wanted to be a “strong partner” and reorganize Conwert both financially and operationally.
Deutsche Wohnen is Germany’s second largest residential landlord, with 146,800 apartments, while Conwert owns 25,660.
