Deutsche Wohnen:Minority shareholder buyout (DPLTA)

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Upsides and Risks To Exchange Price

Upsides

LTV is risk factor for Vonovia and merger with Dt. Wohnen will reduce it

I still think Vonovias main reason to complete the takeover is bring down their LTV ratio, which is currently, as of H2 2024, standing at a very high 47.3% (presentation p. 10) while Dt. Wohnen has a LTV of 30% (p.2) As a reminder Vonovias bond covenant is at 60%. At this threshold, creditors could seize its assets and force sell them.

Reduced operational costs and allows control over Deutsche Wohnen's cash and properties

If Vonovia doesn’t provide an attractive compensation, Elliot Investment (which has 3% stake) will probably hold on to its shares. This will be a constant headache for Vonovia whenever it wants to borrow funds from Deutsche Wohnen as seen in the past. I also assume that Vonovia wants to exert control over Deutsche Wohnen’s cash before a turnaround in German real estate sector fully materializes. This should improve their ability to borrow, which would lead to less pressure to sell property and allow them to seize buying/development opportunities if they arise. Furthermore, a good/fast takeover will clear one major time-consuming issue for management and there will be less expenses for having duplicated functions in accounting, investor reporting etc. and all remaining synergies from the merger can be realized.

There are signs that German real estate sector is beginning to turn around

According to insights[1], the German real estate sector is beginning to stabilize. This will likely boost real estate shares in the near future. As such, Vonovia will likely offer an attractive offer in order to avoid squeezing out minority shareholders in future at a higher price.

State tax triggered by hitting 90% threshold a reason to complete DPLTA fast

Vonovia currently has 86.87% stake in Deutsche Wohnen, hence short of 3.13% to trigger the real estate tax. Since the DPLTA will push Vonovia shares upward, there is a high chance that this threshold will be hit. I estimate that Vonovia will pay around EUR 487 million real estate tax once it crosses this threshold. Given Vonovia's current financial situation, it will probably borrow money to pay this tax. Therefore, the faster it completes the DPLTA, the sooner it can use Deutsche Wohnen's cash to pay the debt.

Deutsche Wohnen's NAV is closer to that of Vonovia

During Vonovia's takeover of Deutsche Wohnen in 2021, NAV was used as a valuation method. Likewise, during Deutsche Wohnen-GSW DPLTA in 2014, the valuation expect had to compare the computed enterprise value with NAV to ensure that it was reasonable. Vonovia and Deutsche Wohnen could also employ just NAV during the DPLTA. Since Deutsche Wohnen and Vonovia had a NAV of EUR 42.01 and EUR 44.08 respectively at the end of June 2024, an exchange ratio of 1:1 is possible.

Vonovia needs to increase its stake to 95% to achieve a squeeze-out of minority shareholders

The best entry-point for Vonovia squeeze-out of Deutsche Wohnen minority shareholders would be 95% of voting rights. At 90%, it can only initiate merger squeeze-out which will need merging with Deutsche Wohnen. Since merger agreement and profit and loss agreement (PLTA) won't work hand-in-hand, general corporate squeeze-out which only requires 95% voting rights would be viable. To attain 95% voting rights, Vonovia would have to increase its shares at Deutsche Wohnen by 32 million, another reason it should offer an attractive exchange price.

Faster resolution of squeeze-out resolution proceedings

The German corporate act provides for fast tracking of proceedings related to squeeze-out release procedure. This provides an incentive for Vonovia to conclude the DPLTA as soon as possible in order to proceed with the squeeze-out.

Risks

Vonovia has higher adjusted EBT per share

The stronger adjusted EBT per share is probably the strongest argument for a worse exchange ratio since earnings are used in the Discounted Cash Flow (DCF) to compute the enterprise value of a company. The enterprise value per share is usually compared with the weighted average share price in the last three months up to the day of initiating the DPLTA. The greater between the two is considered the offer price. At the end of 2023, Vonovia and Deutsche Wohnen started reporting adjusted EBT, probably in preparation for the DPLTA. At the end of first half 2024, Vonovia had an adjusted EBT of EUR 887.2 million, or EUR 1.09 per share (page 14, H1 2024 report) while Deutsche Wohnen had adjusted EBT of EUR 281.4 million, or EUR 0.71 per share (page 1, H1 2024 report). This will result in an exchange ratio of 1:1.42 or 7 shares of Deutsche Wohnen for 5 shares of Vonovia. Based on this, the price that would be offered to minority shareholders would be EUR 22.99.

Average weighted stock price 3 months prior to buyout announcement has been relatively low

Deutsche Wohnen's share price in the last three months up to September 18- when the DPLTA was initiated was low. Between June 18 and September 18, the highest price was EUR 23.40 while the lowest was EUR 17.96. That is an average of EUR 20.68[2].

Appraisal proceedings doesn't prevent the DPLTA or squeeze-out from being finalized

Vonovia could give Deutsche Wohnen minority shareholders unattractive offer and proceed to complete the DPLTA or squeeze-out. However, this only happens if they are sure that the real estate prospects will offset the premium given by the courts as well as associated penalties.

Risk Vonovia stock price falling

Regardless of how exactly the exchange ratio turns out a falling Vonovia stock price is certainly a possibility and risk. This risk could be high given the recent surge in stock price and if the German property sector would develop badly for example due to an economic downturn. Also, its high debt levels will likely continue being a drag on the share price.

How Does DPLTA Works?

  • A domination agreement can initiated by a company once it achieves 75% voting rights (which Vonovia exceeds)[3].
  • The price offered is usually the greater of fair value, weighted price in the past three months preceding domination announcement or price offered to other shareholders in the last six months[4].
  • The dividend to be paid is calculated based on the company's historical earnings and future earnings prospects. A Federal Court of Justice recently concluded that the market value of a company can be used to determine the guaranteed dividend[4].
  • The compensation offered by the acquirer needs to be verified by an independent auditor appointed by the court. The auditor uses a valuation method developed by the German institute of accountants to determine the adequacy of the compensation[5].
  • If the minority shareholders are not satisfied with the price or annual guaranteed dividend, they can challenge it in a court. Based on the cases decided between 2016 and 2019, the court increased the price by around 10% to 30%[4].
  • During the appraisal period, the external shareholders continue to hold the shares and receive a dividend. Eventually, if the court decides that the compensation was not fair, the shareholders receive the difference plus interest of between 0.88% and 5% as at 2019. The court's compensation is usually not less than that offered by the acquiring company [4].
  • The guaranteed dividend has generally been at least 5%[6].
  • On the other hand, profit and loss transfer agreement (PLTA) leads to creation of a relationship called Organschaft. Here the profits and losses are only pooled at the controlling shareholder level. Also, the subsidiary is only subject to tax on payments made to outside shareholders. The PLTA needs to be completed for at least five years and actually implemented[7].

What Happens If Some Shareholders Don't Take Part in DPLTA?

  • If some shareholders fail to take part in the DPLTA, they will continue to hold their shares and be entitled to an annual guaranteed dividend[3].
  • However, the acquirer (Vonovia) can in future increase its stake to between 90% and 95% and initiate a squeeze-out of the remaining shareholders. Here, the shareholders, will be forced to sell their shares for adequate compensation. A shareholder who owns at least a nominal amount of €1,000 in the target could try to delay the squeeze-out resolution through legal proceedings. However, the German Stock Corporation Act provides for a fast tracking of such proceedings, allowing for a resolution within three to six months. Compensation proceedings are only handled after registration of the squeeze-out[5].
  • Squeeze-outs are in three forms. A takeover squeeze -out, a merger squeeze-out and a general corporate squeeze-out. A merger squeeze-out can be initiated by the acquirer (Vonovia) once it achieves 90% voting rights. However, it will have to merge with another corporation such as the target and initiate a squeeze-out within three months. A general corporate squeeze-out requires the acquirer to have at least 95% voting rights in the target. On the other hand, a takeover squeeze-out requires the acquirer to attain at least 95% voting rights in the target and initiate a squeeze-out within three months. The The advantage of this type of squeeze-out is that if the takeover bid was accepted by at least 90% of the shareholders, the offer price offered during the takeover can be considered as adequate compensation. All the other rules mentioned above will apply in these types of squeeze-outs[5].
  • Given that the Vonovia and Deutsche Wohnen have announced a profit and loss transfer agreement, it's highly unlikely that they will initiate merger squeeze-out since the two doesn't go hand in hand.

What happens when the 90% is reached?

  • Once an acquirer (Vonovia) amass 90% voting rights in the target (Deutche Wohnen), a real estate tax (RETT) is triggered. The tax rate ranges from 3.5% to 6.5% in Germany. In Berlin, where Deutsche Wohnen has its most properties, the tax rate is 6.5%. The tax is based on the purchase price of shares (without VAT) or real estate value in case of a lack of assessable consideration[8].
  • Since Vonovia already has 87% stake in Deutsche Wohnen, it only needs 3% to cross the 90% threshold for RETT[9].
  • Companies that have held 95% stake in another company for at least 5 years can transfer their shares to another entity as part of internal group restructuring such as a merger and claim RETT exemption. The entity holding 95% stake should also continue to have a controlling interest 5 years after the merger[10].

Past DPLTA Real Estate Actions In Germany

Deutsche Wohnen AG and GSW Immobilien DPLTA

  • On November 7, 2013, Deutsche Wohnen Completed the takeover of 92.02% of outstanding share and voting rights held by GSW Immobilien shareholders[11].
  • On March 7, 2014, management of the two companies agreed to conclude a domination and profit and loss sharing agreement (DPLTA).
  • The DPLTA offered GSW Immobilien minority shareholders the following: guaranteed dividend in the amount of EUR 1.40 (EUR 1.66 per share gross)-for those who don't want to exchange their shares and 7 shares of Deutsche Wohnen in exchange for 3 shares of GSW Immobilien.
  • The guaranteed dividend were based on a 2003 court ruling which stated that it should be equal to the "prospective distributable gross share in profit per share as a fixed amount."
  • Using the income approach, an independent expert established that the enterprise value of Deutsche Wohnen was around EUR 4,392.4 million (EUR 15.35 per share) while that of GSW was around EUR 1,989.4 million (EUR 35.10 per share). This arrived at a share exchange ratio of 1:2.29. The expert also established that the weighted average price for the three months before announcement of DPLTA on March 7, 2024 was EUR 29.54 for GSW Immobilien AG shares and EUR 14.46 for Deutsche Wohnen AG shares, a ratio of 1:2.04. As a result, the first ratio was used as stipulated in the German securities act.
  • According to CBRE,GSW Immobilien AG property portfolio valuation gain was EUR 20.6 million in 2013 versus EUR 76.4 million in 2012.
  • GSW Immobilien had undiluted net asset value (NAV) of EUR 30.02 in 2013, EUR 30.19 in 2012 and EUR 29.72 in 2011
  • Deutsche Wohnen had a NAV per share of EUR 13.99 in 2013 and 12.48 in 2012[12].
  • In 2015, Deutsche Wohnen raised the ratio to 3:7.079 upon the request of GSW shareholders[13].
  • Dissatisfied with the valuation, GSW minority shareholders went to court to challenge it[13]. The appraisal proceeding is still pending.
  • The fair value of both companies was determined by discounting the future earnings. However, the discounted value was compared with the NAV at the end of 2023. The NAV for GSW exceeded the discounted value by 16.9%. "When making this comparison, it should, however, be noted that capital market returns and in particular the risk free rate have been decreased since end of 2013 indicating slightly higher discounted earnings valuations," the valuation expert noted. "In summary, this consideration does not give any indication that the discounted earnings values determined by us on the basis of the existing business plannings are not reasonable."
EPRA NAV.png










Assessment: The share exchange ratio was based on fair value of the company and not NAV or weighted share price. However, in this case, the valuation expert had to compare the fair value with the NAV to ensure that it's reasonable.

TLG IMMOBILIEN AG and WCM AG DPLTA

  • On September 29, 2017, TLG IMMOBILIEN AG and WCM AG announced an intention to conclude a DPLTA[14].
  • On February 9, 2018, the DPLTA came into force[15].
  • The share exchange ratio was set at 4 shares of TLG IMMOBILIEN AG for 23 shares of WCM AG, a ratio of 1:5.75.
  • WCM and TLG share price averaged EUR 3.34[16] and EUR 18.53[17], respectively in the three months preceding the initiation of the domination agreement. That is an exchange ratio of 1:5.55.
  • In the first nine months of 2017, WCM had a NAV of EUR 2.62 per share versus EUR 2.57 in the same period of 2017[18].
  • TLG IMMOBILIEN AG had a NAV per share of EUR 21.84 in 2017 and EUR 18.57 in 2016[19].
  • WCM minority shareholders received a premium of 22% since they received an offer price of EUR 4.07.
  • Shareholders of WCM AG who did not want to participate in the DPLTA were awarded a guaranteed dividend of EUR 0.13 (gross) or EUR 0.11 after deducting 15.5% tax and 5.5% solidarity surcharge.
  • 83 shareholders went to court to challenge the compensation[20]. One of the shareholders that criticized the offer was SdK Protection Association of Capital Investors. According to SdK, the fact that valuers concluded that WCM's future sales was likely to decline was not tenable. They also complained that values used a higher beta of 0.375[21].
  • The court dismissed the appraisal proceeding in October 2019[22].
  • The share exchange ratio used in the DPLTA is the same as that used in the takeover of shares in May 2017[23].

Assessment: The share exchange ratio was based on fair value of the company and not NAV or weighted share price.

Which valuation method was used in other takeovers?

Vonovia takeover of Deutsche Wohnen in 2021

  • The 2021 takeover was based on EPRA Net Tangible Asset Value (NTA) valuation method[24].
  • A joint statement by Vonovia and Deutsche Wohnen pointed out that this valuation method is widely used in the REIT sector.
  • The method values properties based on the market value which is calculated using the Discounted Cash Flow Method (DCF).
  • The Management Board and Supervisory Board concluded that the offer price of EUR 53.0 was above the EPRA NTA of EUR 52.5 in Q1 2021.
  • The price offered by Vonovia carried a premium of 5.3% over the three-month weighted average price prior to the initiation of the takeover bid.
  • In determination of the adequacy of the offer price, the two boards also compared the expected 2021 FFO of Deutsche Wohnen and that of its peers.
  • NAV was also the valuation method employed by Aroundtown when taking over the shares of TLG. "The Bidder also considered using alternative methods for the valuation of the Bidder and the Target. However, for various reasons, the Bidder has considered alternative valuation methods to be either unsuitable or less suitable than an EPRA NAV assessment and has therefore disregarded them. In particular, it was not possible for the Bidder to perform fundamental analytical valuations of the Target because the Bidder did not have access to the accounting and financial planning of the Target," the statement reads[25].

Vonovia takeover of Buwog

  • On 15 December 2017, Vonovia announced that it planned to offer BUWOG (Austrian company with real estate portfolio in Germany) shareholders € 29.05 per share[26].
  • The offer price represented a premium of 18.1% on the closing price of BUWOG shares on December 15, 2017 and a premium of 15.7% over the weighted average share price of BUWOG shares in the last six months prior to December 17, 2017.
  • After acquiring 90.7% shares of BUWOG, Vonovia squeezed-out BUWOG minority shareholders at a price of € 29.05 per share (six months later)[27].

Vonovia takeover of Gagfah

  • On December 1, 2014, Vonovia announced that it will acquire Gagfah shares at 18 euros per share. The offer price was 18% higher than Gagfah's previous close[28].
  • During that time, share prices were trading at or above the NAV.
  • On July 17, 2017, Vonovia acquired the remaining 5.7% stake at Gagfah[29].
  • On February 2018, Vonovia initiated DPLTA with Gagfah[30].

Ownership Structure

  • The German Securities Act (WpHG) requires any share ownership that exceeds or go below threshold of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% or 75% to be made public[31].

Shareholder Structure

Entity

Stake[32]

Vonovia 86.87%
Own shares 0.84%
Other 12.29%

Last Reported Ownership Stakes

  • It's possible that some of the entities with majority stake sold some or all of the stake to Vonovia and Deutsche Wohnen failed to report the changes. UBS and Goldman Sachs, for instance, considered the offer to be fair[33].
Entity Last reported entity stake up to January 2020 Last reported date Comment
Vonovia 86.87%[34] December 2023
Citi Group 4.25%[35] August 2021 Stake could have fallen to 3% or risen to 4.99%
UBS 3.77%[36] July 2021 Stake could have fallen to 3% or risen to 4.99%
Goldman Sachs 3.41%[37] October 2021 Stake could have fallen to 3% or risen to 4.99%
Davidson Kempner 3.20%[38] September 2021 Stake could have fallen to 3% or risen to 4.99%
Schroders plc 3.01%[39] February 2020 Stake could have fallen to 3% or risen to 4.99%
Elliot Investment 3.00%[40] July 2021 Stake could have risen to 4.99%. We know that it still has a large stake[41]
State Street Corporation 2.96%[42] December 2021 We can't know if it still has this stake given that it's below the 3% threshold
JP Morgan 1.01%[43] November 2021 We can't know if it still has this stake given that it's below the 3% threshold
BlackRock 0.61%[44] November 2021 We can't know if it still has this stake given that it's below the 3% threshold
Massachusetts Financial Services 2.69%[45] July 2021 We can't know if it still has this stake given that it's below the 3% threshold
Ministry of Finance on behalf of the State of Norway 2.33%[46] June 2021 We can't know if it still has this stake given that it's below the 3% threshold


References

  1. ↑ https://forum.investmentwiki.org/t/german-real-estate-market/150/13
  2. ↑ https://www.handelsblatt.com/finanzen/immobilien/deutsche-wohnen-lohnt-der-einstieg-so-attraktiv-wird-die-vonovia-offerte/100075050.html
  3. ↑ 3.0 3.1 https://www.mayerbrown.com/-/media/files/perspectives-events/publications/2020/03/ger-whitepaper-corporate-public-takeovers.pdf
  4. ↑ 4.0 4.1 4.2 4.3 https://www.specialsituationinvestments.com/2020/01/adler-real-estate-adl-de-merger-arbitrage-10-upside/
  5. ↑ 5.0 5.1 5.2 https://www.pplaw.com/sites/default/files/2020-07/wg-en-2012-squeeze-outs.pdf
  6. ↑ https://www.reuters.com/article/us-germany-regulation-breakingviews/breakingviews-germanys-takeover-rules-are-more-sm-than-ma-idUSKBN1X7112/
  7. ↑ https://taxsummaries.pwc.com/germany/corporate/group-taxation#:~:text=If%20a%20parent%20holds%20more,of%20at%20least%20five%20years.
  8. ↑ https://www.pwc.com/gx/en/financial-services/publications/assets/pwc-real-estate-transfer-tax.pdf
  9. ↑ https://www.jonesday.com/en/insights/2019/06/tightening-of-german-real-estate
  10. ↑ https://www.taxathand.com/article/30066/Germany/2023/Updated-guidance-published-on-RETT-intragroup-restructuring-exemption
  11. ↑ https://ir.deutsche-wohnen.com/dewohnen/assets/pdf/hv2014/20140430_JointReport_of_the_ManagementBoards_DWAG-GSW_Convenience-Translation.pdf
  12. ↑ https://ir-api.eqs.com/media/document/791498d6-d611-432f-9c6a-9d7d6ff53dc9/assets/140414_DW_E_Finanzbericht2013_save.pdf?disposition=inline
  13. ↑ 13.0 13.1 https://www.annualreports.com/HostedData/AnnualReportArchive/d/deutsche-wohnen_2015.pdf
  14. ↑ https://www.bundesanzeiger.de/pub/de/suchergebnis?4
  15. ↑ https://www.eqs-news.com/news/corporate/domination-agreement-between-tlg-immobilien-ag-and-wcm-ag-registered-in-the-commercial-register/1052141
  16. ↑ https://www.boerse-frankfurt.de/equity/wcm-ag/price-history/historical-prices-and-volumes
  17. ↑ https://finance.yahoo.com/quote/TLG.HM/
  18. ↑ https://de.marketscreener.com/kurs/aktie/WCM-BETEILIGUNGS-UND-GRUN-19777573/news/WCM-Beteiligungs-und-Grundbesitz-in-den-ersten-neun-Monaten-2017-mit-unverandert-profitablem-Wach-25470343/
  19. ↑ https://www.tlg.de/tlg.de/Data%20Objects/Downloads/Finanzberichte%20&%20Pr%C3%A4sentationen/2017/2018_03_23_PPT_TLG_FY2017_results.pdf
  20. ↑ https://www.tlg.de/tlg.de/Data%20Objects/Downloads/anleihen/hybrid/20190923_Hybrid_Prospekt.pdf
  21. ↑ https://sdk.org/veroeffentlichungen/pressemitteilungen/wcm-ag-schliesst-beherrschungsvertrag-mit-tlg-immobilien-ag-sdk-beantragt-spruchverfahren/
  22. ↑ https://ircenter.handelsblatt.com/websites/ircenter_handelsblatt10/German/9020/news.html?newsID=1860551&companyDirectoryName=wcm
  23. ↑ https://www.immobilienmanager.de/tlg-uebernimmt-wcm-11052017
  24. ↑ https://ir.deutsche-wohnen.com/download/companies/dewohnen/takeover_information/20210831_Stellungnahme_EN.pdf
  25. ↑ https://www.aroundtown.de/aroundtown.de/Documents/Takeover%20Offer%20TLG%20IMMOBILIEN%20AG/Documents/Aroundtown_Offer_Document_18_December_2019.pdf
  26. ↑ https://static1.money.pl/d/akty_prawne/spolki/139/516747_0.pdf
  27. ↑ https://www.reuters.com/article/world/europe/vonovia-to-pay-382-million-in-buwog-squeeze-out-idUSKBN1KX0CW/
  28. ↑ https://www.bloomberg.com/news/articles/2014-12-01/deutsche-annington-seeks-to-acquire-german-rival-gagfah
  29. ↑ https://www.marketscreener.com/quote/stock/VONOVIA-SE-13519421/news/Vonovia-SE-DB-VNA-completed-the-acquisition-of-the-remaining-5-7-stake-in-GAGFAH-S-A-35030451/
  30. ↑ https://www.vonovia.com/en/globalsearch?term=Gagfah&contentType=all
  31. ↑ https://www.bafin.de/EN/Aufsicht/BoersenMaerkte/Emittentenleitfaden/Modul2/Kapitel1/Kapitel1_2/Kapitel1_2_3/kapitel1_2_3_node_en.html
  32. ↑ https://ir.deutsche-wohnen.com/websites/dewohnen/English/1400/shareholder-structure.html
  33. ↑ https://ir.deutsche-wohnen.com/download/companies/dewohnen/takeover_information/20210831_Stellungnahme_DE.pdf
  34. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1485020
  35. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1468714
  36. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1466369
  37. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1482500
  38. ↑ https://www.prnewswire.com/news-releases/statement-from-davidson-kempner-regarding-the-deutsche-wohnen-takeover-offer-by-vonovia-301383820.html
  39. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1276359
  40. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1466371
  41. ↑ https://www.bloomberg.com/news/articles/2024-09-19/vonovia-deal-offers-way-out-for-elliott-s-deutsche-wohnen-bet
  42. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1496400
  43. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1485962
  44. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1485023
  45. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1460268
  46. ↑ https://www.eqs-news.com/news/pvr/deutsche-wohnen-se-release-according-to-article-40-section-1-of-the-wphg-the-german-securities-trading-act-with-the-objective-of-europe-wide-distribution/1457156
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