Bond Vonovia AG 0% ( DE000A185WC9 ) in EUR

Issuer Vonovia AG
Market price 100 %  ▼ 
Country  Germany
ISIN code  DE000A185WC9 ( in EUR )
Interest rate 0%
Maturity 13/09/2018 - Bond has expired



Prospectus brochure of the bond Vonovia SE DE000A185WC9 in EUR 0%, expired


Minimal amount 100 000 EUR
Total amount 500 000 000 EUR
Detailed description Vonovia SE is a German real estate company that owns and manages residential properties, primarily in Germany, Austria, and Sweden.

The Bond issued by Vonovia AG ( Germany ) , in EUR, with the ISIN code DE000A185WC9, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 13/09/2018







Base Prospectus dated 12 April 2016
This document constitutes the base prospectus of Vonovia Finance B.V. in respect of non-equity securities within the meaning of
Art. 22 para 6 no. 4 of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended, ("Non-Equity Securities")
for the purpose of Article 5.4 of the Directive 2003/71/EC (the "Prospectus Directive"), as amended (the "Base Prospectus" or the
"Prospectus").

Vonovia Finance B.V.
(incorporated in The Netherlands as a private company with limited liability)
as Issuer

and
Vonovia SE
(incorporated in Germany as a European Company (Societas Europaea))
as Guarantor
EUR 8,000,000,000
Debt Issuance Programme
The Base Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") which is the
Luxembourg competent authority for the purposes of the approval of the Base Prospectus under the Luxembourg law on
prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated 10 July 2005 (the "Luxembourg Prospectus
Law") implementing Prospectus Directive into Luxembourg law. The Issuer has requested the CSSF to provide the competent
authorities in the Federal Republic of Germany ("Germany"), the Republic of Austria ("Austria") and The Netherlands with a
certificate of approval attesting that this Base Prospectus has been drawn up in accordance with the Luxembourg Prospectus Law.
The Issuer may request the CSSF to provide competent authorities in additional host member states within the European Economic
Area with such notification. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial
soundness of the operation or the quality or the solvency of the Issuer or Guarantor pursuant to Article 7(7) of the Luxembourg
Law.
This Base Prospectus will be published in electronic form together with all documents incorporated by reference therein on the
website of the Luxembourg Stock Exchange (www.bourse.lu). The Base Prospectus will be valid for a period of 12 months after its
approval.
Application has been made to the Luxembourg Stock Exchange for debt instruments to be issued under the EUR 8,000,000,000
debt issuance programme of the Issuer (the "Programme") and described in this Base Prospectus (the "Notes") up to the expiry of
12 months after the date of approval of this Base Prospectus to be listed on the official list of the Luxembourg Stock Exchange (the
"Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market (the "Regulated Market of
the Luxembourg Stock Exchange"), which is a regulated market for the purposes of the Markets in Financial Instruments
Directive 2004/39/EC ("MiFID"). Notes issued under the Programme may also be listed and traded on an alternative stock
exchange or may not be listed at all. The maximum aggregate principal amount of Notes outstanding under the Programme will not
exceed EUR 8,000,000,000.
The payments of all amounts due in respect of Notes issued by the Issuer will be unconditionally and irrevocably
guaranteed by the Guarantor.
Arranger
J.P. Morgan
Dealers
Barclays
BofA Merrill Lynch
Commerzbank
Credit Suisse
J.P. Morgan
Morgan Stanley
Société Générale Corporate & Investment Banking
UniCredit Bank



NOTICE
This Prospectus should be read and construed with any supplement thereto and with any other documents
incorporated by reference and, in relation to any Series (as defined herein) of Notes, should be read and construed
together with the relevant Final Terms (as defined herein).
Each of Vonovia Finance B.V. (the "Issuer") and Vonovia SE (the "Guarantor") has confirmed to the Dealers (as
defined herein) that this Prospectus 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 respect to the Issuer and the Guarantor, the omission of which would make this Prospectus 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.
Each of the Issuer and the Guarantor has undertaken with the Dealers to prepare a supplement to this Prospectus or
a new prospectus in the event that any significant new factor, material mistake or inaccuracy relating to the
information included in this Prospectus, which is capable of affecting the assessment of the Notes, arises or is
noted after the date of this Prospectus.
No person has been authorised by the Issuer or the Guarantor to give any information or to make any
representation not contained in or not consistent with this Prospectus or any other document entered into in relation
to the Programme or any information supplied by any Issuer or the Guarantor or such other information as is in the
public domain and, if given or made, such information or representation should not be relied upon as having been
authorised by the Issuer, the Guarantor, the Dealers or any individual Dealer.
No representation or warranty is made or implied by the Dealers or any of their respective affiliates, and neither the
Dealers nor any of their respective affiliates make any representation or warranty or accept any responsibility, as to
the accuracy or completeness of the information contained in this Prospectus.
This Prospectus and any supplement hereto as well as any Final Terms reflect the status as of their respective dates
of issue. Neither the delivery of this Prospectus nor the offering, sale or delivery of any Note shall, in any
circumstances, create any implication that the information contained in this Prospectus is true subsequent to the
date upon which this Prospectus 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 Prospectus has been most recently supplemented or the balance sheet date of the most recent
financial statements which are deemed to be incorporated into this Prospectus by reference or that any other
information supplied in connection with the Programme is correct at any time subsequent to the date on which it is
supplied or, if different, the date indicated in the document containing the same.
This document may only be communicated or caused to be communicated in circumstances in which Section 21(1)
of the Financial Services and Markets Act 2000 ("FSMA") does not apply.
The Notes and the Guarantee have not been and will not be registered under the United States Securities Act of
1933, as amended (the "Securities Act"), and may not be offered, sold or delivered in the United States or to or for
the account or benefit of U.S. persons except pursuant to an exemption from such registration. The Notes will
include Notes in bearer form that are subject to U.S. tax law requirements. See "Subscription and Sale - Selling
Restrictions".
The distribution of this Prospectus and the respective Final Terms as well as the offering, sale, and delivery of the
Notes in certain jurisdictions may be restricted by law.
Persons into whose possession this Prospectus or any Final Terms come are required by the Issuer and the Dealers
to inform themselves about and to observe any such restrictions. For a description of certain restrictions on offers,
sales and deliveries of Notes and on the distribution of this Prospectus or any Final Terms and other offering
material relating to the Notes, see "Subscription and Sale - Selling Restrictions".
2



Neither this Prospectus nor any supplement(s) thereto nor any Final Terms may be used for the purpose of
an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to
any person to whom it is unlawful to make such an offer or solicitation.
Neither this Prospectus nor any supplement(s) thereto nor the Final Terms constitute an offer or an invitation to
subscribe for or purchase any Notes and should not be considered as a recommendation by the Issuer, the
Guarantor or any Dealer that any recipient of this Prospectus or any Final Terms should subscribe for or purchase
any Notes. Each recipient of this Prospectus or the Final Terms shall be taken to have made its own investigation
and appraisal of the condition (financial or otherwise) of the Issuer and the Guarantor.
IN CONNECTION WITH THE ISSUE OF ANY TRANCHE OF NOTES, THE DEALER OR DEALERS
(IF ANY) NAMED AS THE STABILISING MANAGER(S) (OR PERSONS ACTING ON BEHALF OF
ANY STABILISING MANAGER(S)) IN THE APPLICABLE FINAL TERMS MAY OVER ALLOT
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 STABILISING MANAGER(S) (OR PERSONS
ACTING ON BEHALF OF A STABILISING MANAGER) WILL UNDERTAKE STABILISATION
ACTION. ANY STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH
ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE RELEVANT
TRANCHE OF NOTES IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST
END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE RELEVANT
TRANCHE OF NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE RELEVANT
TRANCHE OF NOTES. ANY STABILISATION ACTION OR OVER-ALLOTMENT MUST BE
CONDUCTED BY THE RELEVANT STABILISING MANAGER(S) (OR PERSON(S) ACTING ON
BEHALF OF ANY STABILISING MANAGER(S)) IN ACCORDANCE WITH ALL APPLICABLE LAWS
AND RULES.
This Prospectus 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 Vonovia or future statistics by independent sources.
As regards the market positions of Vonovia, Vonovia's own estimations are mainly based on company data, which
either is derived from information by competitors or from data provided by independent research companies.
The language of this Prospectus is English. Any part of this Prospectus in the German language constitutes a
translation except for the Guarantee where the English part constitutes a translation. In respect of the issue of any
Tranche of Notes under the Programme, the German text of the Terms and Conditions may be controlling and
binding if so specified in the relevant Final Terms. In respect of the Guarantee, the German language version is
always controlling and binding. In respect of the documents incorporated by reference, (i) the English language
version is controlling and binding in relation to the documents listed in the table of documents incorporated by
reference under the heading "Documents Incorporated by Reference - Vonovia Finance B.V." and (ii) the German
language version is controlling and binding in relation to the documents listed in the table of documents
incorporated by reference under the heading "Documents Incorporated by Reference - Vonovia SE".
In this Prospectus, all references to "", "Euro" or "EUR" are to the currency introduced at the start of the third
stage of the European economic and monetary union, and as defined in Article 2 of the Council Regulation (EC)
No. 974/98 of 3 May 1998 on the introduction of the Euro, as amended. All references to "$" or "USD" are to U.S.
dollar, the official currency of the United States of America.
3



FORWARD-LOOKING STATEMENTS
This Prospectus 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 forward-looking statements are identified by the use of terms
and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict",
"project", "will" and similar terms and phrases, including references and assumptions. This applies, in particular, to
statements in this Prospectus containing information on future earning capacity, plans and expectations regarding
the Vonovia Group's business and management, its growth and profitability, and general economic and regulatory
conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the Issuer and
the Guarantor make to the best of their present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results, including Vonovia Group'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. Vonovia Group's business is also subject to a number of
risks and uncertainties that could cause a forward-looking statement, estimate or prediction in this Prospectus to
become inaccurate. Accordingly, investors are strongly advised to read the following sections of this Prospectus:
"Summary" and "Description of the Guarantor and the Group". These sections include more detailed descriptions
of factors that might have an impact on Vonovia Group's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not occur. In
addition, neither the Issuer nor the Dealers assume 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.
4



TABLE OF CONTENTS
Page
SUMMARY ....................................................................................................................................................... 6
GERMAN TRANSLATION OF THE SUMMARY ........................................................................................ 27
RISK FACTORS .............................................................................................................................................. 51
RESPONSIBILITY STATEMENT .................................................................................................................. 89
CONSENT TO THE USE OF THE PROSPECTUS ........................................................................................ 90
GENERAL DESCRIPTION OF THE PROGRAMME ................................................................................... 91
TERMS AND CONDITIONS OF THE NOTES ............................................................................................. 94
TERMS AND CONDITIONS OF THE NOTES - OPTION I NOTES WITH A FIXED INTEREST RATE . 96
TERMS AND CONDITIONS OF THE NOTES - OPTION II NOTES WITH A FLOATING INTEREST
RATE ..................................................................................................................................................... 147
FORM OF GUARANTEE ............................................................................................................................. 199
FORM OF FINAL TERMS (MUSTER - ENDGÜLTIGE BEDINGUNGEN) .............................................. 217
DESCRIPTION OF RULES REGARDING RESOLUTIONS OF HOLDERS ............................................ 237
DESCRIPTION OF THE ISSUER ................................................................................................................ 240
DESCRIPTION OF THE GUARANTOR AND THE GROUP ..................................................................... 244
USE OF PROCEEDS ..................................................................................................................................... 297
TAXATION .................................................................................................................................................... 298
SUBSCRIPTION AND SALE ....................................................................................................................... 309
GENERAL INFORMATION ......................................................................................................................... 312
DOCUMENTS INCORPORATED BY REFERENCE .................................................................................. 314
NAMES AND ADDRESSES ......................................................................................................................... 317

5



SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in
Sections A ­ E (A.1 ­ E.7).
This summary (the "Summary") contains all the Elements required to be included in a summary for this type of
Notes and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering
sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of Notes and the
Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a short
description of the Element is included in the Summary with the mention of "not applicable".
Element
Section A ­ Introduction and warnings
A.1
Warnings
This Summary should be read as an introduction to the Prospectus.
Any decision to invest in the Notes should be based on consideration of
the Prospectus as a whole by the investor.
Where a claim relating to the information contained in the Prospectus is
brought before a court, the plaintiff investor might, under the national
legislation of the Member States, have to bear the costs of translating the
Prospectus, before the legal proceedings are initiated.
Civil liability attaches only to the Issuer and the Guarantor who have
tabled the Summary including any translation thereof, but only if the
Summary is misleading, inaccurate or inconsistent when read together
with the other parts of the Prospectus or it does not provide, when read
together with the other parts of the Prospectus, key information in order
to aid investors when considering whether to invest in the Notes.
A.2
Consent to the use
[Each Dealer and/or each further financial intermediary subsequently
of the Prospectus
reselling or finally placing the Notes in [the Grand Duchy of
Luxembourg] [,] [and] [the Federal Republic of Germany] [,] [and] [the
Republic of Austria] [and] [The Netherlands] is entitled to use the
Prospectus for the subsequent resale or final placement of the Notes
during the offer period for the subsequent resale or final placement of the
Notes from [] to [], provided however, that the Prospectus is still valid
in accordance with Article 11 Sec. 2 of the Luxembourg Law relating to
prospectuses for securities (Loi relative aux prospectus pour valeurs
mobilières) which implements Directive 2003/71/EC of the European
Parliament and of the Council of 4 November 2003 (as amended by
Directive 2010/73/EU of the European Parliament and of the Council of
24 November 2010).
The Prospectus may only be delivered to potential investors together with
all supplements published before such delivery. Any supplement to the
Prospectus is available for viewing in electronic form on the website of
the Luxembourg Stock Exchange (www.bourse.lu) and on the website of
Vonovia (www.vonovia.de).
When using the Prospectus, each Dealer and/or relevant further financial
intermediary must make certain that it complies with all applicable laws
and regulations in force in the respective jurisdictions.

6



In the event of an offer being made by a Dealer and/or a further
financial intermediary the Dealer and/or the further financial
intermediary shall provide information to investors on the terms and
conditions of the Notes at the time of that offer.]
[Not applicable. The Issuer does not consent to the use of the Prospectus.]

Element
Section B ­ Vonovia Finance B.V.
B.1
Legal
and Vonovia Finance B.V. (the "Issuer") is simultaneously the legal and
commercial name commercial name.
of the Issuer
On 13 April 2015, the shareholder's meeting of the Issuer resolved on a
change of the Issuer's legal name from "Deutsche Annington Finance
B.V." to "Vonovia Finance B.V.". The change has been registered with the
Dutch companies register on 7 July 2015.
B.2
Domicile,
legal The Issuer is a Dutch private company with limited liability governed by
form,
legislation Dutch law (besloten vennootschap met beperkte aansprakelijkheid). The
and
country
of registered office of the Issuer is Apollolaan 133-135, 1077 AR
incorporation of the Amsterdam, The Netherlands.
Issuer
B.4b
Known
trends Not applicable. There are no known trends affecting the Issuer and the
affecting the Issuer industries in which it operates.
and the industries
in which it operates
B.5
Description of the The Issuer is a directly wholly owned subsidiary of Vonovia SE (the
group
and
the "Guarantor") and has no subsidiaries of its own.
Issuer's
position
within the group
B.9
Profit forecast or Not applicable. No profit forecast or estimate are made.
estimate
B.10
Nature
of Not applicable. The auditor's reports with respect to the financial
qualifications in the statements as of 31 December 2015 and 31 December 2014 do not
auditor's reports on include any qualifications.
the
historical
financial
information
B.12
Selected historical key financial information regarding the Issuer
The following selected financial information for the Issuer is based on the audited annual financial
statements of the Issuer (named Deutsche Annington Finance B.V. before July 2015) as of
31 December 2014 and 31 December 2015. The financial statements were prepared in accordance
with Dutch GAAP.
7



Element
Section B ­ Vonovia Finance B.V.

Balance sheet data

As of
As of

31 December 2015
31 December 2014


(in EUR thousand)


(audited)

Fixed assets ................................................................................................
8, ...........
848,06 6
4,778,749

Current assets ........................................................................................................
71,44 1
73,997

Total assets ................................................................................................
8, ...........
919,50 7
4,852,746

Equity ....................................................................................................................
(22,171 )
(16,021)

Long-term liabilities



Hybrid bond ................................................................................................
99 ......
3,69 7
993,034

Bonds ................................................................................................................
7,157,63 9
3,795,518

Derivate financial liabilities ..............................................................................
20,48 5
-

Total long-term liabilities ...................................................................................
8,171,82 1
4,788,552

Current liabilities ................................................................................................
769,8 ..
5 7
80,215

Total equity and liabilities ..................................................................................
8,919,50 7
4,852,746



Trend information
There has been no material adverse change in the prospects of the Issuer since 31 December 2015.
Significant change in the financial and trading position
Not applicable. There has been no significant change in the financial or trading position of the
Issuer since 31 December 2015.
B.13
Recent
Not applicable.
developments
There are no recent events particular to the Issuer which are to a material
extent relevant to the evaluation of the Issuer's solvency.
B.14
Statement
of Please see Element B.19 B.5 for information on the description of the
dependency
upon Group.
other entities within The Issuer is a wholly owned subsidiary of the Guarantor and has no
the Group
subsidiaries of its own. The Issuer is fully dependent upon the Guarantor.

B.15
Principal activities
The Issuer acts as financing subsidiary of the Guarantor, the principal
activity of the Issuer is the provision of loans to members of the Group
financed with funds acquired from the capital market, bank loans and
loans from other companies of the Group.
B.16
Major shareholders The Guarantor is the sole shareholder of the Issuer. The Issuer is therefore
indirectly controlled by the major shareholders of the Guarantor (see
Section B -- Vonovia SE -- Element B.19 B.16).
B.17
Credit ratings of Not applicable. The Issuer is not rated.
the Issuer or its [Not applicable. The Notes have not been rated.][The Notes have been
debt securities
rated [insert rating(s)] by [insert rating agency/agencies]].
B.18
Nature and scope of Notes issued by the Issuer will have the benefit of a guarantee (the
8



Element
Section B ­ Vonovia Finance B.V.
the Guarantee
"Guarantee") for the payment of principal and interest on the Notes
granted by the Guarantor. The Guarantee constitutes an irrevocable,
unsecured and unsubordinated obligation of the Guarantor ranking pari
passu with all other unsecured and unsubordinated obligations of the
Guarantor. The terms of the Guarantee also contain a negative pledge of
the Guarantor. The Guarantee is governed by German law. The Guarantee
constitutes a contract for the benefit of the holders of the Notes (the
"Holders") from time to time as third party beneficiaries pursuant to
§ 328 paragraph 1 German Civil Code (Bürgerliches Gesetzbuch;
"BGB").

Element
Section B ­ Vonovia SE
B.19
Legal
and The Guarantor's legal name is Vonovia SE. The Guarantor and its
B.1
commercial name
subsidiaries are referred to together as "Vonovia" or the "Group".
The Group primarily operates under the commercial name "Vonovia".
B.19
Domicile,
legal The Guarantor has its registered office at Münster Straße 248, 40470
B.2
form,
legislation Düsseldorf, Federal Republic of Germany. The Guarantor is a European
and
country
of company (Societas Europaea -- SE) incorporated in Germany and
incorporation
governed by European and German law.
B.19
Known
trends The Group and the entire German real estate industry are strongly
B.4b
affecting
the affected by current and expected demographic trends, particularly, a
Guarantor and the declining population, an increase in the number of households with a
industries in which lower than average household size and an aging population. These trends
it operates
have led and will probably continue to lead to increased demand for
residential units suitable for one- or two-person households and/or for
senior citizens.
The Group as well as the real estate industry are also affected by
economic developments in Germany. Vonovia generates income from two
main sources: rental income and income from property sales, both of
which are strongly influenced by the market prices for real estate, which
in turn reflect rents, vacancy rates and other factors, including market
expectations. Since 2010, the German real estate industry and the results
of the Group have been positively impacted by developments in the real
estate market.
B.19
Description of the The Guarantor is the holding company of the Group. The Guarantor's
B.5
group
and
the business is primarily conducted by the relevant operating subsidiaries.
Guarantor's
The following diagram sets forth a current summary (in simplified form)
position within the of the Guarantor's significant subsidiaries as of 31 December 2015, taking
group
into account the relevant successive interests (durchgerechneter
Beteiligungsanteil). The shareholdings presented also include
shareholdings of affiliated companies pursuant to Sections 15 et seqq.
German Stock Corporation Act (Aktiengesetz). The Group's limited
partnerships are held through third-party acquisition structures. Due to the
applied calculation method, these are not represented in the chart below.
The shareholdings presented below are rounded to two decimal points.
9



Element
Section B ­ Vonovia SE
The area shaded in grey denotes the financing cluster, to which the
respective companies belong.


B.19
Profit forecast or Not applicable. No profit forecast or estimate are made.
B.9
estimate
B.19
Nature
of Not applicable. The auditor's reports on the historical consolidated
B.10
qualifications in the financial information with respect to the financial years ended
auditor's reports on 31 December 2014 and 31 December 2015 do not include any
the
historical qualifications.
financial
information
10