FRANKFURT Feb 28 German property group Deutsche
Annington announced on Friday plans to buy two
property portfolios with a total of 41,500 flats for a combined
2.4 billion euros ($3.3 billion), to be paid for via two capital
The company said it reached an agreement in principle to
take over 30,000 residential units held by German landlord group
Vitus, part-owned by Blackstone, for 1.4 billion euros,
including some debt.
It is also buying about 11,500 residential units managed by
DeWAG for about 970 million euros, including debt.
It will issue up to 16 million new shares to raise cash and
launch a separate 12 million euro capital increase against
contribution in kind.