Obbligazione Vonovia AG 0% ( DE000A19X793 ) in EUR

Vonovia AG

100 EUR ▼

Germania

DE000A19X793 ( in EUR )

22/12/2022 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Vonovia SE DE000A19X793 in EUR 0%, scaduta

Vonovia SE è una società immobiliare tedesca, tra i maggiori operatori europei nel settore residenziale, con un ampio portafoglio di appartamenti in Germania e altre nazioni europee.

The Obbligazione issued by Vonovia AG ( Germany ) , in EUR, with the ISIN code DE000A19X793, pays a coupon of 0% per year.
The coupons are paid 4 times per year and the Obbligazione maturity is 22/12/2022

Base Prospectus dated 14 March 2018
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 20,000,000,000
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") 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 and any
supplements to the Base Prospectus 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 20,000,000,000
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 2014/65/EU (as amended, "MiFID II"). 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 20,000,000,000.
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 &

UniCredit Bank
Investment Banking

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" and, together with all consolidated
subsidiaries, "Vonovia" or the "Vonovia Group" or the "Group") 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.
2

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".
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.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET The Final Terms in respect of any Notes will
include a legend entitled "MiFID II Product Governance" which will outline the target market assessment in
respect of the Notes and which channels for distribution of the Notes are appropriate. Any person subsequently
offering, selling or recommending the Notes (a "distributor") should take into consideration the target market
assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the target market assessment) and determining
appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any Dealer
subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the
Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID Product
Governance Rules.
PRIIPs / IMPORTANT EEA RETAIL INVESTORS  If the Final Terms in respect of any Notes include a
legend entitled "Prohibition of Sales to EEA Retail Investors", the Notes are not intended to be offered, sold or
otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in
the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined
in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive 2002/92/EC (the
"Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined in
point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive.
Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs
Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA
has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs Regulation.
BENCHMARK REGULATION - STATEMENT IN RELATION TO ADMINISTRATOR'S
REGISTRATION Amounts payable under floating rate Notes issued under the Programme are calculated by
reference to (i) the Euro Interbank Offered Rate ("EURIBOR") which is provided by the European Money
Markets Institute ("EMMI"), or (ii) the London Interbank Offered Rate ("LIBOR") which is provided by the ICE
Benchmark Association ("IBA"). As at the date of this Base Prospectus, each of EMMI and IBA does not appear on
the register of administrators and benchmarks established and maintained by the European Securities and Markets
Authority ("ESMA") pursuant to Article 36 of the Benchmark Regulation (Regulation (EU) 2016/1011) (the
"Benchmark Regulation"). As far as the Issuer and the Guarantor are aware, the transitional provisions in Article
51 of the Benchmark Regulation apply, such that EMMI and IBA are not currently required to obtain authorisation
or registration (or, if located outside the European Union, recognition, endorsement or equivalence).
3

IN CONNECTION WITH THE ISSUE OF ANY TRANCHE OF NOTES, THE DEALER OR DEALERS
(IF ANY) ACTING AS STABILISATION MANAGER(S) (OR A PERSON ACTING ON BEHALF OF ANY
STABILISATION 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,
STABILISATION MAY NOT NECESSARILY OCCUR. 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 CEASE AT ANY
TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 CALENDAR DAYS AFTER THE
ISSUE DATE OF THE RELEVANT TRANCHE OF NOTES AND 60 CALENDAR 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 STABILISATION
MANAGER(S) (OR PERSON(S) ACTING ON BEHALF OF ANY STABILISATION 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.
4

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.
5

TABLE OF CONTENTS
Page
SUMMARY ....................................................................................................................................................... 7
GERMAN TRANSLATION OF THE SUMMARY ........................................................................................ 31
RISK FACTORS .............................................................................................................................................. 58
RESPONSIBILITY STATEMENT .................................................................................................................. 97
CONSENT TO THE USE OF THE PROSPECTUS ........................................................................................ 98
GENERAL DESCRIPTION OF THE PROGRAMME ................................................................................... 99
TERMS AND CONDITIONS OF THE NOTES ........................................................................................... 102
TERMS AND CONDITIONS OF THE NOTES - OPTION I NOTES WITH A FIXED INTEREST RATE 104
TERMS AND CONDITIONS OF THE NOTES - OPTION II NOTES WITH A FLOATING INTEREST
RATE ..................................................................................................................................................... 161
FORM OF GUARANTEE ............................................................................................................................. 216
FORM OF FINAL TERMS (MUSTER - ENDGÜLTIGE BEDINGUNGEN) .............................................. 234
DESCRIPTION OF THE ISSUER ................................................................................................................ 256
DESCRIPTION OF THE GUARANTOR AND THE GROUP ..................................................................... 260
USE OF PROCEEDS ..................................................................................................................................... 295
TAXATION .................................................................................................................................................... 296
SUBSCRIPTION AND SALE ....................................................................................................................... 304
GENERAL INFORMATION ......................................................................................................................... 307
DOCUMENTS INCORPORATED BY REFERENCE .................................................................................. 309
NAMES AND ADDRESSES .......................................................................................................................... 311

6

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
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.

7

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

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 2017 and 31 December 2016 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 as of 31 December 2017 and 31 December 2016. The financial statements
were prepared in accordance with Dutch GAAP.
8

Element
Section B Vonovia Finance B.V.

Balance sheet data

As of
As of

31 December 2017
31 December 2016

(in EUR thousand)

(audited)

Fixed assets ................................................................................................
11,572,892 ...........
10,501,511

Current assets ................................................................................................
144,525
........
260,812

Total assets ................................................................................................
11,717,417 ...........
10,762,323

Total shareholders' equity ................................................................
45, .....................
126

21,204

Hybrid bond ................................................................................................
993,814 ..........
992,459

Total capital base ................................................................................................
1,038,940

1,013,663

Long-term liabilities

Bonds ................................................................................................
9,689,8 .................
82

8,218,020

Derivate financial liabilities ................................................................
283 ...............
1,205

Total long-term liabilities ................................................................
9,690, ...................
165

8,219,225

Current liabilities................................................................................................
988,312
...
1,529,435

Total equity and liabilities ................................................................
11,717, ..................
417

10,762,323

Trend information
There has been no material adverse change in the prospects of the Issuer since 31 December 2017.
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 2017.
B.13
Recent
On 15 January 2018, the Issuer issued two series of notes under this
developments
Programme, guaranteed by the Guarantor: EUR 500 million 0.75 % notes
due 2024 and EUR 500 million 1.50 % notes due 2028.
In January 2018, the Issuer and the Guarantor entered into a EUR 2.65
billion facility agreement with a major international bank acting as
arranger for bridge financing of the BUWOG Takeover (as defined
below).
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 ongoing business activities of the Issuer
depend on the ability of the Guarantor and other companies of the Group
to fulfil their payment obligations vis-à-vis the Issuer or the obligation to
assume losses.

9

Element
Section B Vonovia Finance B.V.
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
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 Universitätsstraße 133, 44803
B.2
form,
legislation Bochum, 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 Vonovia's business model is influenced by key environmental
B.4b
affecting
the developments. The main megatrends are (1) demographic change and
Guarantor and the migration, (2) climate change and the replacement of fossil fuels with
industries in which alternative sources of energy and (3) social change. (4) Digitalization is
it operates
also becoming increasingly important. The real estate industry is also
influenced by a large number of statutory regulations.
(1) Demographic change: The German population is aging rapidly and
presenting the real estate industry with considerable challenges,
particularly when it comes to senior-friendly homes. This development is
reinforcing the growing demand for one- and two-person households.
Migration within Germany, from rural and non-urban regions to urban
areas, and immigration to Germany, a trend that has been accelerated by
the influx of refugees from global crisis regions, is creating greater
demand for suitable and affordable living space in conurbations. More
than 30 metropolitan areas or "high-influx cities" are reaping above-
10