Obligation Deutsche Wohnungs SE 1.375% ( XS1250867642 ) en EUR

Deutsche Wohnungs SE

100 % ▼

Allemagne

XS1250867642 ( en EUR )

1.375% par an ( paiement annuel )

23/07/2020 - Obligation échue

Prospectus brochure de l'obligation Deutsche Wohnen SE XS1250867642 en EUR 1.375%, échue

1 000 EUR

278 786 000 EUR

Deutsche Wohnen SE est une société immobilière cotée en bourse, principalement active dans le secteur de la location de logements résidentiels en Allemagne.

L'obligation de type dette, émise par Deutsche Wohnen SE ? un acteur majeur du secteur immobilier résidentiel en Allemagne, coté en bourse et propriétaire d'un vaste portefeuille de logements ?, identifiée par le code ISIN XS1250867642, d'une taille totale de 278 786 000 EUR et accessible avec un montant minimum à l'achat de 1 000 EUR, offrait un taux d'intérêt annuel de 1,375% payé une fois par an en euros ; cette émission, originaire d'Allemagne, a atteint sa date de maturité le 23 juillet 2020 et a été intégralement remboursée à 100% de sa valeur nominale.

Not for distribution in the United States of America

Deutsche Wohnen AG
(incorporated in Germany as a stock corporation)
500,000,000 1.375% Fixed Rate Standalone Notes due 2020
ISIN XS1250867642, Common Code 125086764 and German Securities Code (WKN) A161MH
Issue Price: 99.689%
Deutsche Wohnen AG, Frankfurt am Main, Germany (the "Issuer" or the "Company", and together
with its fully consolidated subsidiaries, the "Group", "Deutsche Wohnen" or "Deutsche Wohnen Group")
will issue on July 24, 2015 Notes in the aggregate principal amount of 500,000,000 due 2020 (the "Notes").
The Notes will bear interest at a rate of 1.375% per year. The Issuer will pay interest on the Notes annually in
arrears on July 24, commencing on July 24, 2016. The Notes, which are governed by the laws of the Federal
Republic of Germany ("Germany"), will be issued in a denomination of 1,000 and will be offered only in
minimum offered amounts of 100,000 and integral multiples of 1,000 in excess thereof.
The Notes will constitute direct, unconditional, unsecured and unsubordinated obligations of the Issu-
er, ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated obliga-
tions of the Issuer, unless such obligations are accorded priority under mandatory provisions of statutory law.
Unless previously redeemed or purchased and cancelled in accordance with the terms and conditions
of the Notes ("Terms and Conditions"), the Notes will be redeemed at par on July 24, 2020 (the "Maturity
Date"). The Notes may be redeemed before this date, in whole but not in part, at their principal amount, to-
gether with, if applicable, accrued interest, notably in the event of any change in taxation or in an event of de-
fault, see "Terms and Conditions of the Notes--§6 Redemption--(2) Early Redemption for Reasons of Taxa-
tion" and "Terms and Conditions of the Notes--§10 Events of Default". The Issuer will have the option to re-
deem the Notes prior to maturity, in whole but not in part, at their principal amount, together with accrued in-
terest, if applicable, and a premium, see "Terms and Conditions of the Notes--§6 Redemption-(3) Early Re-
demption at the Option of the Issuer". If a change of control occurs, each Holder will have the option to re-
quire the Issuer to redeem or, at the Issuer's option, repurchase all or part of the Notes held by such Holder at
their principal amount together with, if applicable, accrued interest, see "Terms and Conditions of the Notes--
§6 Redemption-(4) Early Redemption at the Option of the Holders upon a Change of Control".
Application has been made to the Luxembourg Stock Exchange for the Notes to be listed on the Offi-
cial List of the Luxembourg Stock Exchange and to be admitted to trading on the Luxembourg Stock Ex-
change's Regulated Market (the "Listing"). The Luxembourg Stock Exchange's Regulated Market is a regu-
lated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of April
21, 2004 on Markets in Financial Instruments, as amended.
On issue the Notes are expected to be rated BBB+ by Standard & Poor's Rating Services, a division
of the McGraw-Hill Companies Inc. ("S&P") and A3 by Moody's Investors Service Limited ("Moody's").
At the date of this Offering Memorandum (the "Offering Memorandum"), the Issuer has a long-term corpo-
rate rating of A- (stable outlook) assigned by S&P and A3 (stable outlook) assigned by Moody's. A rating is
not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal
at any time by the assigning rating agency. At the date of this Offering Memorandum, S&P and Moody's are
established in the European Union, registered under Regulation (EC) no. 1060/2009 of the European Parlia-
ment and of the Council dated 16 September 2009 on credit rating agencies, as amended (the "CRA Regula-
tion") and included in the list of registered credit rating agencies published by the European Securities and
Markets Authority on its website (www.esma.europa.eu) in accordance with the CRA Regulation.

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended
(the "Securities Act") and are being offered and sold in transactions outside the United States of Amer-
ica ("United States") to non-U.S. persons (as defined in Regulation S under the Securities Act ("Regula-
tion S")) in reliance on Regulation S under the Securities Act.
The Notes will initially be represented by a temporary global bearer note (the "Temporary Global
Note"), without interest coupons. The Notes are issued in new global note ("NGN") form and will be deliv-
ered on or around the issue date (the "Issue Date") to a common safekeeper ("Common Safekeeper") for
Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, société anonyme, Luxembourg ("CBL",
and, together with Euroclear, the "Clearing System"). The Temporary Global Note will be exchangeable in
whole or in part for a permanent global bearer note (the "Permanent Global Note" and, together with the
Temporary Global Note, the "Global Notes") without interest coupons, not earlier than 40 days after the Issue
Date, upon certification as to non-U.S. beneficial ownership. The Global Notes are intended to be eligible col-
lateral for Eurosystems monetary policy. Whether NGNs are recognisable as eligible collateral for Eurosys-
tem monetary policy and intra-day credit operations will depend upon satisfaction of the Eurosystem eligibil-
ity criteria.
Prospective investors should be aware that an investment in the Notes involves risks and that if certain
risks, in particular those described under "Risk Factors", occur, the investors may lose all or a very
substantial part of their investment.
This Offering Memorandum has been prepared on the basis that all offers of the Notes will be made
pursuant to an exemption under European Union's Directive 2003/71/EC, as amended ("Prospectus Di-
rective"), from the requirement to produce a prospectus in connection with offers of the Notes and is thus, for
the purposes of the offering of the Notes, not a prospectus within the meaning of the Prospectus Directive.
Accordingly, any person making or intending to make any offer within the European Economic Area
("EEA") of the Notes which are the subject of the offering contemplated in this Offering Memorandum
should only do so in circumstances in which no obligation arises for the Issuer or the Joint Bookrunners to
produce a prospectus for such offers. None of the Issuer or the Joint Bookrunners has authorized, nor do they
authorize, the making of any offer of the Notes through any financial intermediary, other than offers made by
the Joint Bookrunners which constitute the final placement of the Notes contemplated in this Offering Memo-
randum.
Application has been made to the Luxembourg Stock Exchange for the Notes to be listed on the Offi-
cial List of the Luxembourg Stock Exchange and to be admitted to trading on the Luxembourg Stock Ex-
change's Regulated Market. The Luxembourg Stock Exchange's Regulated Market is a regulated market for
the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on
Markets in Financial Instruments, as amended. Only for purposes of the Listing, this Offering Memorandum
constitutes a prospectus within the meaning of the Prospectus Directive, i.e. a listing prospectus according to
Article 3.3 of the Prospectus Directive. By approving a prospectus, the Commission de Surveillance du
Secteur Financier (the "CSSF") shall give no undertaking as to the economic and financial soundness of the
operation or the quality or solvency of the issuer pursuant to Article 7(7) Loi relative aux prospectus pour
valeurs mobilières.
This Offering Memorandum does not constitute an offer to sell, or the solicitation of an offer to buy
Notes in any jurisdiction where such offer or solicitation is unlawful. The Notes are subject to U.S. tax law
requirements and may, subject to certain exceptions, not be offered, sold or delivered within the United States
or to U.S. persons. For a further description of certain restrictions on the offering and sale of the Notes and on
the distribution of this Offering Memorandum, see "Subscription and Sale--Selling Restrictions" below.
Active Bookrunners
Deutsche Bank
Société Générale
UBS Investment Bank
UniCredit Bank
Corporate &
Investment Banking
Passive Bookrunner
Goldman Sachs International
The date of this Offering Memorandum is July 23, 2015

[This page has intentionally been left blank.]

RESPONSIBILITY STATEMENT
The Issuer is solely responsible for the information given in this Offering Memorandum. The
Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the infor-
mation contained in this Offering Memorandum for which it is responsible, is, to the best of its
knowledge, in accordance with the facts and contains no omission likely to affect its import. This
Offering Memorandum should be read and understood in conjunction with all documents incorporated
herein by reference.
NOTICE
This Offering Memorandum should be read and construed with any supplement thereto and
with any other documents incorporated by reference in relation to the Notes.
This Offering Memorandum is confidential and is being furnished by Deutsche Bank AG,
London Branch ("Deutsche Bank"), Société Générale Corporate and Investment Banking ("Société Gé-
nérale"), UBS Limited ("UBS"), and UniCredit Bank AG ("UniCredit") (together the "Active Bookrun-
ners", and Goldman Sachs International ("Goldman Sachs", the "Passive Bookrunner", and together
with the Active Bookrunners, the "Joint Bookrunners") solely for the purpose of enabling prospective
investors to consider the purchase of the Notes described herein. The information contained in this
Offering Memorandum has been provided by Deutsche Wohnen and other sources identified herein.
To the fullest extent permitted by law, no representation or warranty is made or implied by the Joint
Bookrunners or any of its affiliates, and neither the Joint Bookrunners nor any of its affiliates make
any representation or warranty or accept any responsibility, as to the accuracy or completeness of the
information contained in this Offering Memorandum or for any statement purported to be made by or
on behalf of the Joint Bookrunners. Investors in the Notes must rely only on the information contained
in this Offering Memorandum.
No person has been authorized to give any information or to make any representation con-
cerning Deutsche Wohnen or the Notes (other than as contained in this Offering Memorandum) and,
if given or made, any such other information or representation should not be relied upon as having
been authorized by Deutsche Wohnen or the Joint Bookrunners. In making an investment decision,
investors must rely on their own examination of the Issuer, Deutsche Wohnen, and the terms of the
offering, including the merits and risks involved. Any decision to purchase Notes should be based
solely on this Offering Memorandum.
Any reproduction or distribution of this Offering Memorandum, in whole or in part, and any
disclosure of its contents or use of any information herein for any purpose other than considering an
investment in the Notes is prohibited. Each offeree of the Notes, by accepting delivery of this Offer-
ing Memorandum, agrees to the foregoing.
The Issuer has confirmed to the Joint Bookrunners that this Offering Memorandum is true and
accurate in all material respects and is not misleading; that any opinions and intentions expressed
herein are honestly held and based on reasonable assumptions; that there are no other facts with re-
spect to the Issuer the omission of which would make this Offering Memorandum as a whole or any
statement herein or opinions or intentions expressed herein misleading in any material respect; and
that all reasonable enquiries have been made to verify the foregoing.
To the fullest extent permitted by law, the Joint Bookrunners do not accept any responsibility
for the contents of this Offering Memorandum or for any other statements made or purported to be
made by the Joint Bookrunners or on their behalf in connection with the Issuer or the Notes. The Joint
Bookrunners accordingly disclaim all and any liability whether arising in tort or contract or otherwise
which it might otherwise have in respect of this Offering Memorandum or any such statement.
The Joint Bookrunners are acting exclusively for the Issuer and no one else in connection
with the offering of the Notes. It will not regard any other person (whether or not a recipient of this
document) as its client in relation to the offering of the Notes and will not be responsible to anyone

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other than the Issuer for providing the protections afforded to their respective clients or for giving
advice in relation to the offering or any transaction or arrangement referred to herein.
Neither the delivery of this Offering Memorandum nor the offering, sale or delivery of the
Notes shall, in any circumstances, create any implication that the information contained in this Offer-
ing Memorandum is true subsequent to the date upon which this Offering Memorandum has been
published or most recently amended or supplemented or that there has been no adverse change in the
financial position of the Issuer since the date hereof or, as the case may be, the date upon which this
Offering Memorandum has been most recently supplemented or the balance sheet date of the most
recent financial statements which are deemed to be incorporated into this Offering Memorandum by
reference or that any other information supplied in connection with the Notes is correct at any time
subsequent to the date on which it is supplied or, if different, the date indicated in the document con-
taining the same.
None of the Issuer or the Joint Bookrunners, or any of their respective representatives, is mak-
ing any representation to any offeree or purchaser of the Notes regarding the legality of an investment
in the Notes by such offeree or purchaser under the laws applicable to such offeree or purchaser. Pro-
spective investors should not construe anything in this Offering Memorandum as legal, tax, business
or financial advice. Each investor should consult with his or her own advisors as to the legal, tax,
business, financial and related aspects of a purchase of the Notes.
This document may only be communicated or caused to be communicated in circumstances in
which Section 21 para. 1 of the Financial Services and Markets Act 2000, as amended ("FSMA")
does not apply.
The Notes have not been and will not be registered under the Securities Act and are subject to
U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered
within the United States or to U.S. persons; see "Subscription and Sale--Selling Restrictions".
The distribution of this Offering Memorandum as well as the offering, sale, and delivery of
the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Offer-
ing Memorandum comes are required by the Issuer and the Joint Bookrunners to inform themselves
about and to observe any such restrictions. This Offering Memorandum does not constitute an offer of,
or an invitation to purchase, any of the Notes in any jurisdiction in which such offer, exercise or invi-
tation would be unlawful. None of the Issuer or the Joint Bookrunners accepts any legal responsibility
for any violation by any person, whether or not a prospective investor, of any such restrictions.
Persons into whose possession this Offering Memorandum comes are required by the Issuer
and the Joint Bookrunners to inform themselves about and to observe any such restrictions. For a de-
scription of certain restrictions on offers, sales and deliveries of Notes and on the distribution of this
Offering Memorandum and other offering material relating to the Notes, see "Subscription and Sale--
Selling Restrictions".
This Offering Memorandum may not be used for the purpose of an offer or solicitation
by anyone in any jurisdiction in which such offer or solicitation is not authorized or to any per-
son to whom it is unlawful to make such an offer or solicitation.
This Offering Memorandum constitutes not an offer or an invitation to subscribe for or pur-
chase the Notes and should not be considered as a recommendation by the Issuer or the Joint
Bookrunners that any recipient of this Offering Memorandum should subscribe for or purchase Notes.
Each recipient of this Offering Memorandum shall be taken to have made its own investigation and
appraisal of the condition (financial or otherwise) of the Issuer.
IN CONNECTION WITH THE ISSUE OF THE NOTES, THE JOINT BOOKRUNNERS (OR
PERSONS ACTING ON BEHALF OF THE JOINT BOOKRUNNERS) MAY OVER-ALLOT
THE NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE
MARKET PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT
OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE JOINT
BOOKRUNNERS (OR PERSONS ACTING ON BEHALF OF THE JOINT BOOKRUNNERS)

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WILL UNDERTAKE STABILIZATION ACTION. ANY STABILIZATION ACTION MAY
BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF
THE TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF BEGUN, MAY BE END-
ED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS
AFTER THE ISSUE DATE AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF
THE NOTES. ANY STABILIZATION ACTION OR OVER-ALLOTMENT MUST BE CON-
DUCTED BY THE JOINT BOOKRUNNERS (OR PERSON(S) ACTING ON BEHALF OF
THE JOINT BOOKRUNNERS) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND
RULES.
This Offering Memorandum contains assessments of market data and information derived
therefrom which could not be obtained from any independent sources. Such information is based on
the Issuer's own internal assessments and may therefore deviate from the assessments of competitors
of Deutsche Wohnen or future statistics by independent sources. As regards the market positions of
Deutsche Wohnen, Deutsche Wohnen's own estimations are mainly based on company data which is
either derived from information by competitors or from data provided by independent research com-
panies.
The language of this Offering Memorandum is English. The German text of the Terms and
Conditions is controlling and binding; the English-language text of the Terms and Conditions consti-
tutes a translation. The financial statements listed in the section "Documents Incorporated by Refer-
ence" under (A)(1) to (5) are translations of the respective German-language financial statements. The
auditor's reports listed in this section under (A)(2) to (5) are translations of the respective German-
language auditor's reports issued on the respective German-language financial statements and refer to
the respective financial statements and the corresponding management report as a whole in each case.
NOTICE TO CERTAIN EUROPEAN INVESTORS
Notice to Prospective Investors in the European Economic Area
This Offering Memorandum has been prepared on the basis that all offers of the Notes will be
made pursuant to an exemption under the Prospectus Directive from the requirement to produce a
prospectus in connection with offers of the Notes and is thus, for the purposes of the offering of the
Notes, not a prospectus within the meaning of the Prospectus Directive. Accordingly, any person
making or intending to make any offer within the EEA of the Notes which are the subject of the offer-
ing contemplated in this Offering Memorandum should only do so in circumstances in which no obli-
gation arises for the Issuer or the Joint Bookrunners to produce a prospectus for such offers. None of
the Issuer or the Joint Bookrunners has authorized, nor does it or do they authorize, the making of any
offer of the Notes through any financial intermediary other than offers made by the Joint Bookrunners
which constitute the final placement of the Notes contemplated in this Offering Memorandum.
Notice to Prospective Investors in the United Kingdom
In the United Kingdom, this Offering Memorandum is for distribution only to persons (i) who
are investment professionals falling within Article 19(5) of Financial Services and Markets Act 2000
(as amended, the "Financial Promotion Order") or (ii) falling within Article 49(2)(a) to (d) of the
Financial Promotion Order (high net worth companies, unincorporated associations, etc.) or (iii) other
persons to whom it may be lawfully communicated in accordance with the Financial Promotion Order
(all such persons falling within (i) (iii) together being referred to as "Relevant Persons"). This Of-
fering Memorandum is directed only at Relevant Persons and must not be acted on or relied on by
persons who are not Relevant Persons. In the United Kingdom, any investment or investment activity
to which this Offering Memorandum relates is available only to Relevant Persons and will be engaged
in only with Relevant Persons.

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FORWARD-LOOKING STATEMENTS
This Offering Memorandum contains certain forward-looking statements. A forward-looking
statement is a statement that does not relate to historical facts and events. They are based on analyses
or forecasts of future results and estimates of amounts not yet determinable or foreseeable. These for-
ward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe",
"estimate", "expect", "intend", "plan", "predict", "project" and similar terms and phrases, including
references and assumptions. This applies, in particular, to statements in this Offering Memorandum
containing information on future earning capacity, plans and expectations regarding Deutsche
Wohnen's business and management, its growth and profitability, and general economic and regulato-
ry conditions and other factors that affect it.
Forward-looking statements in this Offering Memorandum are based on current estimates and
assumptions that the Issuer makes to the best of its present knowledge. These forward-looking state-
ments are subject to risks, uncertainties and other factors which could cause actual results, including
Deutsche Wohnen's financial condition and results of operations, to differ materially from and be
worse than results that have expressly or implicitly been assumed or described in these forward-
looking statements. Deutsche Wohnen's business is also subject to a number of risks and uncertainties
that could cause a forward-looking statement, estimate or prediction in this Offering Memorandum to
become inaccurate. Accordingly, investors are strongly advised to read the section "Description of the
Issuer". This section includes more detailed descriptions of factors that might have an impact on
Deutsche Wohnen's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Offering
Memorandum may not occur. In addition, neither the Issuer nor the Joint Bookrunners assumes any
obligation, except as required by law, to update any forward-looking statement or to conform these
forward-looking statements to actual events or developments.
SOURCES OF MARKET DATA
To the extent not otherwise indicated, the information contained in this Offering Memoran-
dum on the market environment, market developments, growth rates, market trends and competition
in the markets in which Deutsche Wohnen operates are based on the Issuer's assessments. These as-
sessments, in turn, are based in part on internal observations of the market and on various market
studies.
The following sources were used in the preparation of this Offering Memorandum:
Association of German Mortgage Banks (Verband Deutscher Pfandbriefbanken), dated
May 15, 2014, VDP Property Indices: Further Rise in German Property Market Prices in
the First Quarter of 2014 (vdp-Immobilienindizes: Weiter steigende Preise auf den
deutschen Immobilienmärkten im ersten Quartal 2014) ("Association of German Mort-
gage Banks, Press Release 2014 No. 5");
Association of German Mortgage Banks (Verband Deutscher Pfandbriefbanken), Resi-
dential Property Price Index Q3 2014 ("Association of German Mortgage Banks, Resi-
dential Property Price Index Q4 2014");
Berlin-Brandenburg Statistical Office (Amt für Statistik Berlin-Brandenburg) database,
www.statistik-berlin-brandenburg.de, Population Register Statistics Berlin, as of De-
cember 31, 2013 (Einwohnerregisterstatistik Berlin) ("Berlin-Brandenburg Statistical
Office");
Berlin-Brandenburg Statistical Office (Amt für Statistik Berlin-Brandenburg) database,
www.statistik-berlin-brandenburg.de, Statistics Employment Market and Labor Force,
August 2013 (Statistiken Arbeitsmarkt and Erwerbstätige, August 2013) ("Berlin-
Brandenburg Statistical Office, Employment Market");

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Berlin-Brandenburg Statistical Office (Amt für Statistik Berlin-Brandenburg), Statisti-
sches Jahrbuch 2014 ("Statistical Yearbook Berlin");
Berlin-Brandenburg Statistical Office (Amt für Statistik Berlin-Brandenburg), Pressemit-
teilung Nr. 30 vom 12. Februar 2015, Zahl der Einwohnerinnen und Einwohner stieg
2014 in Berlin um 44 700 ("Berlin-Brandenburg Statistical Office, Press Release Feb-
ruary 2015");
Berlin Senate for the Economy, Technology and Women's Affairs (Berliner Senat für
Wirtschaft, Technologie und Frauen); Economic Data Number of Employed in Berlin
(Konjunkturdaten Zahl der Erwerbstätigen in Berlin) as of March 31, 2011 ("Berlin
Senate");
CBRE GmbH, press releases: CBRE on the Residential Market in Germany (CBRE zum
Markt für Wohnungsportfolios in Deutschland) 2011, dated January 20, 2012 and CBRE
on the Residential Market in Germany (CBRE zum Markt für Wohnungsportfolios in
Deutschland) 2012 dated January 7, 2013 ("CBRE Press Releases");
CBRE GmbH, Housing Market Report Berlin (Wohnungsmarkt Berlin) 2014 ("CBRE
Housing Market Report Berlin 2014");
CBRE GmbH, Residential Portfolio Investment MarketView Q4 2013 ("CBRE Residen-
tial Investment Germany MarketView 2013");
CBRE GmbH, Residential Portfolio Investment MarketView Q4 2014 ("CBRE Residen-
tial Investment Germany MarketView 2014 Q4");
CBRE GmbH, Special Report, Residential Property Market Germany (Special Report,
Wohnimmobilienmarkt Deutschland) 2010/2011 ("CBRE Residential Property Market
Germany, 2010/2011");
CBRE GmbH, Special Report, Residential Market Germany 2013 ("CBRE Residential
Market Germany 2013");
City of Braunschweig, Population Forecast 2012 to 2030, dated June 26, 2013 (Stadt
Braunschweig, Bevölkerungsvorausschätzung 2012 bis 2030) ("City of Braunschweig 
Population Forecast 2012 to 2030");
City of Hanover, script on urban development No. 107, Small-scale Development of the
Residential Market in the Capital City Hanover (Schriften zu Stadtentwicklung Nr. 107,
Kleinräumige Entwicklung des Wohnungsmarktes in der Landeshauptstadt Hannover)
("Hanover, Script on Urban Development");
City of Magdeburg, Business & Economy, Science, www.magdeburg.de ("City of Mag-
deburg");
Deutsche Annington Immobilien SE ("Deutsche Annington Immobilien SE"), company
website and 2014 annual report;
Deutsche Bundesbank, Monthly Report, March 2015;
Engel & Völkers, Commercial Market Report on Residential and Office Buildings in Ber-
lin (Commercial Marktreport Wohn- & Geschäftshäuser Berlin) 2012/2013 ("Engel &
Völkers Berlin 2012");
Engel & Völkers, Commercial Market Report on Residential and Office Buildings in Ber-
lin (Commercial Marktreport Wohn- & Geschäftshäuser Berlin) 2013/2014 ("Engel &
Völkers Berlin 2013");
Engel & Völkers, Commercial Market Report on Residential and Office Buildings in
Frankfurt (Commercial Marktreport Wohn- & Geschäftshäuser in Frankfurt) 2012/2013
("Engel & Völkers Frankfurt 2012");

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Engel & Völkers, Commercial Market Report on Residential and Office Buildings in
Frankfurt (Commercial Marktreport Wohn- & Geschäftshäuser in Frankfurt) 2013/2014
("Engel & Völkers Frankfurt 2013");
F+B Market rent monitor 2010, Even Low-demand Regions Have Above-average Rent
Increases (Selbst nachfrageschwache Regionen mit überdurchschnittlichen Mietsteige-
rungen), ("F+B Marktmietenmonitor 2010");
Federal and State Statistical Offices (Statistische Ämter des Bundes und der Länder), se-
lected regional data for Germany, 2012;
Federal and State Statistical Offices, Macroeconomic data of the states, GDP;
Federal and State Statistical Offices, Macroeconomic data of the states, disposable in-
come;
GAGFAH S.A. ("GAGFAH"), company website and 2014 annual report;
German Federal Employment Agency (Bundesagentur für Arbeit), Employment Market
Statistics by Region and Monthly Reports (Arbeitsmarktstatistik, Statistik nach Regionen
und Monatsberichte), April 2014 ("Employment Agency");
German Federal Office for Building, Urban and Regional Planning BBSR (Bundesinsti-
tut für Bau-, Stadt- und Raumforschung BBSR), BBSR Housing Market Forecast 2025
(BBSR-Wohnungsmarktprognose 2025) ("BBSR Housing Market Forecast 2025");
German Federal Office for Building, Urban and Regional Planning BBSR (Bundesinsti-
tut für Bau-, Stadt- und Raumforschung BBSR), BBSR Regional Planning Forecast
2030 (BBSR-Raumordnungsprognose 2030) ("BBSR Regional Planning Forecast
2030");
German Federal Statistical Office (Statistisches Bundesamt), Facts & Figures, Subject:
Economic Sectors Construction Building activity ("Federal Statistical Office, Build-
ing Activity");
German Federal Statistical Office (Statistisches Bundesamt), Facts & Figures, Subject:
National economy & environment National accounts Domestic product, updated Jan-
uary 2015 ("Federal Statistical Office, Domestic Product");
German Federal Statistical Office (Statistisches Bundesamt), Facts & Figures, Subject:
Society & state Income, consumption, living conditions, housing Housing ("Federal
Statistical Office, Housing");
German Federal Statistical Office (Statistisches Bundesamt), Facts & Figures, Subject:
Society & state Population, updated 10 April 2014 ("Federal Statistical Office, Popu-
lation");
German Federal Statistical Office (Statistisches Bundesamt), Facts & Figures, Subject:
National economy & environment Labour market Unemployment, updated December
2014 ("Federal Statistical Office, Unemployment");
German Federal Statistical Office (Statistisches Bundesamt), Publications, Foreign Trade:
Overall development in foreign trade since 1950 (Gesamtentwicklung des deutschen
Außenhandels ab 1950), dated October 29, 2014, ("Federal Statistical Office, 2013 For-
eign Trade Report");
German Federal Statistical Office (Statistisches Bundesamt), Publications, Population,
Families and Living Arrangements in Germany (Bevölkerungs- und Haushaltsentwick-
lung in Bund und Ländern), Edition 2011;

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German Federal Statistical Office, Population and Household Development (Bevölke-
rungs- und Haushaltsentwicklung im Bund und in den Ländern) 2011 ("German Federal
Statistical Office, Population and Household Development 2011");
German Federal Statistical Office, Press release No. 016, dated January 15, 2015, German
economy in solid shape in 2014 (Deutsche Wirtschaft im Jahr 2014 in solider Verfas-
sung) ("German Federal Statistical Office, 2015 Press Release No. 016");
German Federal Statistical Office, Press release No. 038, dated February 9, 2015, German
exports in 2014: +3.7% compared with 2013 (Deutsche Exporte im Jahr 2014: + 3,7 %
zum Jahr 2013) ("German Federal Statistical Office, Press Release 2015 No. 038");
German Federal Statistical Office, Press release No. 179, dated May 22, 2014, 2013:
Highest Level of Immigration to Germany for 20 years (2013: Höchste Zuwanderung
nach Deutschland seit 20 Jahren) ("German Federal Statistical Office, Press Release
2014 No. 179");
German Federal Statistical Office, Press release No. 233, dated July 11, 2013, Two Peo-
ple at Most Live in Three-Quarters of All Households (In drei Viertel der Haushalte leb-
en höchstens zwei Personen) ("German Federal Statistical Office, Press Release 2013
No. 233");
German Federal Statistical Office, Publications, Statistical Yearbook 2012 (Statistisches
Jahrbuch 2012) ("German Federal Statistical Yearbook 2012");
German Federal Statistical Office, Publications, Statistical Yearbook 2013 (Statistisches
Jahrbuch 2013) ("German Federal Statistical Yearbook 2013");
German Federal Statistical Office, Publications, Statistical Yearbook 2014 (Statistisches
Jahrbuch 2014) ("German Federal Statistical Yearbook 2014");
German Financial Reporting Enforcement Panel (Deutsche Prüfstelle für Rechnungs-
legung), Annual Report 2013, January 30, 2014 ("DPR Annual Report 2013");
German Office for Political Education (Bundeszentrale für politische Bildung), Facts &
Figures, Population, September 26, 2012 (Zahlen und Fakten, Soziale Situation in
Deutschland, Bevölkerung, 26. September 2012) ("German Office 2012");
GfK GeoMarketing GmbH, database, press release dated October 22, 2014 ("GfK Press
Release");
GfK GeoMarketing GmbH, GfK Estimate (GfK Schätzung) ("GfK Estimate");
HWWI/Berenberg, City Ranking (Städteranking) 2010 ("HWWI");
IMF, World Economic Outlook, April 2015;
Initiative European Metropolitan Regions in Germany (Initiativkreis Europäische Metro-
polregionen in Deutschland) (IKM), Regional Monitoring 2012;
Investitionsbank Berlin, IBB Residential Market Report 2011 (Wohnungsmarktbericht
2011) ("IBB 2011");
Investitionsbank Berlin, IBB Residential Market Report 2012 (Wohnungsmarktbericht
2012) ("IBB 2012");
Investitionsbank Berlin, IBB Residential Market Report 2013 (Wohnungsmarktbericht
2013) ("IBB 2013");
Jones Lang LaSalle, Residential City Profile Berlin, second half 2013 ("JLL-Report
Berlin 2013");

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