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German real estate giant Vonovia said on Friday it is on course for "significant growth" after a record year and the acquisition of smaller rival Deutsche Wohnen in 2021. Vonovia expects to fully integrate Deutsche Wohnen by the beginning of 2023 and said it was sticking to a synergy target of 105 million euros in 2024 after the takeover.
German real estate company Vonovia said on Sunday that it planned to raise some 8 billion euros ($9 billion) in a capital increase to partly finance its takeover of rival Deutsche Wohnen. The Vonovia executive board approved the step and secured the green light of the supervisory board, the company said in a statement. Vonovia said last month that it had secured a total of 87.6% of voting rights in Deutsche Wohnen, successfully completing its takeover bid.