Expansion in development: Vonovia SE acquires Bien-Ries AG
- Strengthening of activities in the Rhine-Main area
- 11 current development projects are taken over
- About 900 apartments planned for the assets
Bochum, 05/03/2020. Vonovia SE has concluded a purchase agreement with the Bien-Ries AG on 03/03/2020. After the antitrust approval, implementation of the transaction is planned for the beginning of April. The real-estate developer with emphasis on the Rhine-Main area will then complete the development business in Germany as part of BUWOG.
“We are glad to be able to further complete our successful development business with the Bien-Ries AG and its employees,” says Daniel Riedl, as member of the board responsible for development at Vonovia SE. “The current projects suit us very well. And we will continue to realize exciting projects with the team in the future.”
At the moment, there are 11 current projects at the Bien-Ries AG with altogether about 2,500 units of accommodation scheduled. It is intended that around 900 apartments of the current pipeline will be transferred to the Vonovia assets as rented apartments after completion. The emphasis of the projects is in the Rhine-Main area. Vonovia has about 27.500 apartments there.
High expertise in development
The Bien-Ries-AG looks back to a successful history in the development sector. “We are delighted that we herald the start of the next phase in corporate development with the sale to Vonovia, at the same time providing security to our employees,” says Wolfgang Ries, Director and co-founder of the Bien-Ries AG.