Deutsche Annington acquires Gagfah for $4.85 Billion

Deutsche Annington acquires Gagfah for $4.85 Billion

Deutsche Annington acquires Gagfah for $4.85 Billion

German real estate company Deutsche Annington Immobilien agrees to acquire Gagfah, manager and owner of residential properties based in Luxembourg, for €3.9 billion ($4.85 billion), representing 16.1 percent premium to the Gagfah closing price on Friday.

Gagfah shares rose up 12.7 percent to €17.49 in trading on Monday. Shares of Deutsche Annington went down 2.9 percent to €25.13.

“This combination is equally attractive for tenants and shareholders,” Rolf Buch, CEO of Deutsche Annington, said in a news release. “We aim to create the leading company of European dimensions within the German housing market.”

Mr. Buch would be CEO of combined company. Gagfah owns prtfolio about 141 000 units of residential properties, above all in large German cities.

Deutsche Annington, based in Düsseldorf, has about 210 000 residential units in its portfolio and employs about 3 400 people.

The deal is under regulatory approval.

Deutsche Annington advisors are JPMorgan Chase, Kempen & Company and Puhl GmbH & Comapny, and the law firm Sullivan & Cromwell.

Mr. Stakebay says:

The combined company makes portfolio with more than 350 000 residential property units worth about €21 billion ($26 billion) and expects to achieve annual cost savings about €84 million ($67.5 million).

 

DEUTSCHE ANNINGTON IMMOBILIEN

GAGFAH

Revenue

€ 1.067 Billion (2013)

€ 829.8 Million (2013)

Operating income

 € 553.7 Million (2013)

€ 342.3 Million (2013)

Profit

 € 484.2 Million (2013)

-1.1 Million (2013)

Total assets

€ 11.092 Billion (2013)

€ 7.959 Billion (2013)

Total Equity

 € 3.818 Billion (2013)

€ 2.272 Billion (2013)

Employees

2935 (2013)

1900 (2013)

 

 

CEO of Deutsche Annington ………ROLF EBERHARD BUCH…….2013-present…€ 2 609 198 (2013)

CEO of the Gagfah Group…………..THOMAS ZINNÖCKER……….2013-present

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