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Vonovia: Difference between revisions
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== Irregularities == | == Irregularities == | ||
March 20, 2023: Police raided Vonovia's offices on suspicion of fraud, breach of trust, bribery and corruption. Over 40 premises were searched in Baden-Württemberg, Hamburg, Saxony and North Rhine-Westphalia. Addditionally, four arrests were made. Westdeutscher Rundfunk and Süddeutsche Zeitung news agency estimates that at least two of its employees recived bribes of close to half a million euros in 10 year period in return for awarding contracts to certain companies which either inflated prices of housing or did no work at all. Following the allegations, Vonovia commissioned Deloitte to investigate it<ref>https://www.wsws.org/en/articles/2023/03/21/jfyd-m21.html</ref>. | March 20, 2023: Police raided Vonovia's offices on suspicion of fraud, breach of trust, bribery and corruption. Over 40 premises were searched in Baden-Württemberg, Hamburg, Saxony and North Rhine-Westphalia. Addditionally, four arrests were made. Westdeutscher Rundfunk and Süddeutsche Zeitung news agency estimates that at least two of its employees recived bribes of close to half a million euros in 10 year period in return for awarding contracts to certain companies which either inflated prices of housing or did no work at all. Following the allegations, Vonovia commissioned Deloitte to investigate it<ref>https://www.wsws.org/en/articles/2023/03/21/jfyd-m21.html</ref>. | ||
== Disposals == | |||
April 26, 2023: Vonovia to sell its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros ($1.10 billion). Suedewo portfolio is currently valued at 3.3 billion euros, a 5% discount to its fair value in December 31. Vonovia targets to generate 2 billion euros free cash flow from its portfolio sales. In summer, it earmarked properties worth 13 billion euros for sale<ref>https://www.reuters.com/business/vonovia-sell-1-bln-eur-residential-portfolio-apollo-2023-04-26/</ref>. | |||
== References == | |||