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Frankfurt Main and Berlin, 16.07.2015


  • Euro denominated, unsecured, inaugural fixed-rated bond with a nominal value of EUR 500 million successfully placed
  • Announced refinancing of EUR 1.5 billion completed
  • Free cash flow increased by approximately EUR 54 million, thereof c. EUR 33 million interest savings with positive impact on FFO
  • Average corporate interest rate decreases to below 1.9% p.a. with average maturity of financial liabilities of approximately ten years

The bond was offered to institutional investors after an extensive pan-European roadshow into selected jurisdictions in form of Reg S securities and met with great demand when launched today generating an order-book of almost EUR 2 billion from around 130 different investors. The bond received a preliminary rating of A3 from the rating agency Moody’s Investors Service Limited and a preliminary rating of BBB+ from Standard & Poor’s Rating Services. The long-term issuer rating assigned to Deutsche Wohnen AG by the rating agencies is A3 and A- respectively.

Deutsche Bank, Société Générale, UBS Investment Bank and UniCredit acted as active bookrunners and Goldman Sachs acted as passive bookrunner on the transaction.

“Today’s inaugural bond issuance highlights Deutsche Wohnen’s ability to tap all sources of financing and to diversify our financing sources. Following the completion of the refinancing, Deutsche Wohnen has an optimized capital structure.” explains Andreas Segal, CFO of Deutsche Wohnen.

The transaction marks the last key step of the announced refinancing of EUR 1.5 billion in total. In this regard, approximately EUR 650 million of existing financial liabilities have been replaced by new bank loans with a ten year maturity and existing loans have been redeemed from the proceeds of the recent, successfully completed capital increase. The proceeds from the bond issue will be used to replace the existing, higher-interest bank liabilities.

With the refinancing Deutsche Wohnen AG will reduce its average interest rate from approximately 2.4% as of March 31, 2015 to below 1.9% while the average corporate debt maturity is approximately ten years. Due to the refinancing, the free cash flow will increase by approximately EUR 54 million p.a., of which approximately EUR 33 million will be as interest savings FFO effective. The LTV will be reduced to 45% up until 40%.

Deutsche Wohnen

Deutsche Wohnen is one of the largest publicly listed residential property companies in Germany and Europe with a business focus on managing and developing its portfolio, which focuses on residential properties. As of 31 March 2015 the portfolio comprised a total of 148,900 units, of which 146,800 are residential units and 2,100 commercial units. Deutsche Wohnen is listed in the Deutsche Börse’s MDAX and is also included in the leading indices EPRA/NAREIT and GPR 100.

Important Information

This publication may not be published, distributed or transmitted, directly or indirectly, in the United States (including its territories and possessions), Canada, Australia or Japan or any other jurisdiction where such an announcement would be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This publication does not constitute an offer of securities for sale, an offer to purchase any securities or a solicitation of an offer to purchase securities in the United States, Germany or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. The securities mentioned herein may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Deutsche Wohnen AG does not intend to register any portion of any offering of its securities in the United State or to conduct an offering of its securities in the United States.

In the United Kingdom, this document is only being distributed to and is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In member states of the European Economic Area which have implemented the Prospectus Directive (each, a “Relevant Member State”), this announcement and any offer if made subsequently is directed exclusively at persons who are “qualified investors” within the meaning of the Prospectus Directive. For these purposes, the expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in a Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression “2010 PD Amending Directive” means Directive 2010/73/EU.

No action has been taken that would permit an offering of the securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This announcement contains forward-looking statements that are based upon current views and assumptions of the Deutsche Wohnen AG management, which were made to its best knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause the earnings position, profitability, performance or the financial results of Deutsche Wohnen AG or the success of the housing industry in general to differ materially from the circumstances expressly or implicitly assumed or described in these forward-looking statements. In consideration of these risks, uncertainties and other factors, persons receiving these documents are advised not to unreasonably rely on these forward-looking statements. Deutsche Wohnen AG does not assume any obligation to update such forward-looking statements and to adjust them to any future results and developments.

Deutsche Wohnen places debut corporate bond and thus successfully concludes refinancing of EUR 1.5 billion

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