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Berlin, 23.04.2019

The discussion surrounding the purchase of flats in Karl-Marx-Allee has occupied the courts and the Berlin Senate for some time now. This is causing great uncertainty to the residents. The efforts of the WBF to pursue this legal dispute through summary proceedings have already cost the federal state of Berlin, and therefore the taxpayer, a sum well in excess of five million euros. From the very outset, Deutsche Wohnen emphasised its willingness to find an amicable, out-of-court solution. One possible solution offered by Deutsche Wohnen was that a municipal housing association should take over the properties on the basis of the purchase agreements that had already been concluded. This would have been significantly cheaper than the model favoured by the Senate whereby individual apartments were purchased by tenants and then immediately resold to a municipal housing association. Unfortunately, the solution favoured by Deutsche Wohnen was rejected by the Berlin Senate.

Deutsche Wohnen remains willing to engage in dialogue. From its point of view, it is important to find solutions for the residents of Karl-Marx-Allee as soon as possible. As Michael Zahn, CEO of Deutsche Wohnen SE, explains, “Our legal position has been confirmed. We deeply regret that legal action has been taken in this matter because, from the very outset, we have been concerned to find an amicable solution. The Senate is aware of our proposals. We continue to hope that we can achieve a settlement with the federal state of Berlin which is in the interests of the residents and which does not involve spending taxpayers’ money on unnecessary legal disputes. However, we would also like to make clear that we will meet our obligations under the contracts of purchase and will pay the purchase price when it is due.”

 

Deutsche Wohnen

Deutsche Wohnen is one of the leading publicly listed property companies in Germany and Europe with a business focus on managing and developing its portfolio, which consists mainly of residential properties. As at 31 December 2018, the portfolio comprised 167,000 units in total, of which 164,300 were residential and 2,700 commercial. The company owns flats in four Berlin Modernist estates, which were awarded UNESCO world heritage status in July 2008: the White City Estate, the Horseshoe Estate in Berlin-Britz, the Carl Legien Residential Estate and the Ring Estate in Siemensstadt.

 

Important note

This publication is neither an offer to sell nor a solicitation to buy securities.

To the extent that this document contains forward-looking statements, these are not facts and are recognisable by such words as ‘will’, ‘expect’, ‘believe’, ‘estimate’, ‘intend’, ‘endeavour’, ‘assume’ and similar expressions. These statements express the intentions, opinions or current expectations and assumptions of Deutsche Wohnen and the individuals acting in concert with it. The forward-looking statements are based on current plans, estimates and forecasts that Deutsche Wohnen and the individuals acting in concert with it have made to the best of their knowledge, but do not make any claims as to their future accuracy. Forward-looking statements are subject to risks and uncertainties that are generally difficult to predict and are usually not within the control of Deutsche Wohnen or the individuals acting in concert with it. It should be remembered that the actual results or consequences may differ considerably from those mentioned or contained in the forward-looking statements.