German property developer Deutsche Wohnen plans to offer €1bn to takeover all outstanding Conwert Immobilien Invest shares and convertible bonds. Deutsche Wohnen intends to make a cash offer of €11.50 per share. Conwert’s largest shareholders, Haselsteiner Familien-Privatstiftung and Karl Ehlerding, support the offer and plan to sell about 25 percent of the company. Deutsche Wohnen currently holds almost 147,000 residential units and if the takeover is successful, will expand those holdings by around 25,000 units. The units are primarily in Berlin, Potsdam, Dresden, and Leipzig. Initially, Deutsche Wohnen wanted to secure €900m in bridge financing for the transaction, which would be paid down during 2015 through a capital increase.
