Deutsche Wohnen to sell nursing company PFLEGEN & WOHNEN to Hamburg Municipal Holding Company HGV

Berlin / Hamburg, January 14, 2025.

The Free and Hanseatic City of Hamburg (FHH) and Deutsche Wohnen have agreed that the FHH will acquire 13 nursing home locations in Hamburg including all associated properties with around 2,000 employees and approximately 2,400 nursing places from Deutsche Wohnen. The FHH will take over the facilities which Deutsche Wohnen currently operates as PFLEGEN & WOHNEN HAMBURG GmbH (P&W) to secure and strengthen the supply of elderly care in Hamburg in the long term.

The intended transaction is based on extended due diligence and negotiations between HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement (HGV) and Deutsche Wohnen. The HGV is a municipal holding company that belongs to the Hamburg Ministry of Finance and that pools a large share of the FHH's private-law companies. FHH and Deutsche Wohnen have agreed on a purchase price of 380 million euros which will be financed by HGV without burdening the budget. Today, the Senate gave green light for the notarization of the final purchase agreement on January 17, 2025.

Lars Urbansky, CEO of Deutsche Wohnen: “With the sale to the City of Hamburg Deutsche Wohnen successfully places Pflegen & Wohnen Hamburg in good hands. We are handing over an economically healthy company with strong substance to a responsible new owner. The high quality of all operations will continue. We are pleased that we have been able to reach a good result for all parties involved through constructive negotiations.”

Rolf Buch, CEO of Vonovia: “As the main shareholder of Deutsche Wohnen, we welcome the sale of Pflege & Wohnen to the City of Hamburg as a responsible new owner. This way, we are further strengthening and improving our partnership with the city of Hamburg. The agreement reached today is an important step. We are pleased that Deutsche Wohnen has achieved its strategic goal with the sale of Pflegen & Wohnen Hamburg, its last nursing operation platform. This completes the disposal of the remaining discontinued operations.”

Finance Senator Dr. Andreas Dressel: “After good and fruitful negotiations, we are now in a position to achieve a significant contribution to long-term care security and coping with future demographic challenges through the acquisition of P&W and its integration into the HGV corporate group. P&W is a financially solid nursing company that has renovated and extensively invested in its locations in Hamburg.”

About Deutsche Wohnen

Deutsche Wohnen is one of the leading publicly listed property companies in Europe and is part of the Vonovia Group. The business focus of the company is on managing its own portfolio of residential properties in dynamic metropolitan regions and conurbations in Germany. Deutsche Wohnen sees itself as having both a social responsibility and a duty to maintain and newly develop good-quality and affordable housing in vibrant residential neighbourhoods. As of 30 September 2024, the portfolio comprised a total of around 140,000 residential units.

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