Vonovia (ex-Annington) promoted for inclusion in DAX-30
The Bochum-based listed Deutsche Annington, now renamed as Vonovia SE, has been promoted for inclusion in the DAX-30, the index of the top 30 German industrial companies, with effect from September 21st.
It is the first time that a German residential housing company has been represented in the Stock Exchange's premier index. Vonovia replaces chemical concern Laxness, which has been in the index for the last three years.
Deutsche Annington itself debuted on the stock exchange in July 2013, with its original investors, UK private equity group Terra Firma , bowing out following the IPO. The company then bought over and integrated various other real estate portfolios, including from Vitus, DeWAG and Franconia, acquiring the SÜDEWO Group from Patrizia Immobilien, and most significantly, merging with giant rival GAGFAH earlier this year. The original Detutsche Annington emerged from a series of fusions of groups dominated by company worker accomodation, mainly the old rail companies and the coal and steel industry.
CEO Rolf Buch commented, "The inclusion of real estate in the DAX benchmark index for the first time with the addition of Vonovia is a strong signal for the entire industry and will make this important sector of the economy all the more visible."
Annington, which manages 390,000 residential units, recently posted first-half figures which saw FFO double to €264m and posting a 53% rise in net asset value to €10bn after integrating GAGFAH and the other portfolios.
CEO Buch said of the results, “Our solid key figures for the first six months confirm that we are on the right track. We have established processes to integrate even large real estate portfolios and are growing in Germany’s attractive regions.” The firm is also steadily enhancing its operational business and investing in the modernisation of properties. “This allows us to secure stable returns for our investors and to improve the services we offer our customers at the same time”, he added.
About 95,44% of Vonovia's shares are now in free float, with its largest individual shareholders being pension funds and other long-term oriented investors. Its market capitalization is about €13 billion. The company is paying a dividend of €0.94 for the year, a 27% increase over last year.
In addition to the DAX, Vonovia SE is now also listed in the international indices STOXX Europe 600, MSCI Germany, GPR 250 and EPRA/NAREIT Europe.