Vonovia SE, a leading German real estate company, reported it is on course to achieve its financial goals, having bolstered its liquidity by an additional 1.8 billion euros. This follows a sales revenue of 1.5 billion euros in the first half of this year. The company anticipates generating a total liquidity inflow of approximately 4 billion euros in 2024, maintaining the same level as the previous year.
To date, Vonovia's liquidity inflow for the year has reached over 3.3 billion euros. This substantial increase is attributed to three key transactions totaling 1.8 billion euros. Among these transactions, Vonovia sold 11 development properties for 0.5 billion euros to a newly established fund in collaboration with HIH Invest Real Estate GmbH and Vonovia. Furthermore, this fund procured approximately 150 million euros in development assets from Quarterback Immobilien AG.
In a strategic move, Vonovia and Apollo have formed a joint venture, as part of their ongoing partnership, to acquire a 20% stake in Deutsche Wohnen SE. This venture will include investments from Vonovia and long-term investors advised by Apollo, resulting in a cash inflow of slightly more than 1 billion euros for Vonovia.
Additionally, Deutsche Wohnen has agreed to sell 27 nursing homes, primarily located in the greater Berlin area, for an estimated price exceeding 300 million euros. The buyer is a fund managed by Civitas Investment Management, known specialists in the care sector. The Alloheim Group, an established care sector company, will assume operations along with all current employees.
The completion of these transactions, and the associated liquidity inflow, is projected to occur by the end of 2024 or during the first half of 2025.