Vonovia Secures €1.3 Billion in Bond Issuances with White & Case LLP's Expertise
Deal News | May 15, 2025 | White & Case LLP
White & Case LLP, a global law firm, advised a bank syndicate on Vonovia SE’s issuance of two series of senior unsecured convertible bonds, collectively valued at €1.3 billion. The first and second series, each worth €650 million, will mature in 2030 and 2032 respectively. These bonds are convertible into new or existing shares of Vonovia, bypassing current shareholders' subscription rights. The capital raised will support Vonovia's general corporate activities, including refinancing. This continues White & Case's track record of handling convertible bond issuances for German real estate companies, evident from their recent involvement with LEG Immobilien and TAG Immobilien. The advisory team was spearheaded by Karsten Wöckener and supported by local partners and associates from their Frankfurt office.
Sectors
- Real Estate
- Financial Services
- Legal Advisory
Geography
- Germany – Vonovia SE is a German real estate company, and the legal advisory services were conducted by White & Case's Frankfurt office.
Industry
- Real Estate – Vonovia SE operates in the real estate sector, focusing on residential property management and development.
- Financial Services – The issuance of convertible bonds and the involvement of a bank syndicate highlight the relevance to the financial services industry.
- Legal Advisory – White & Case LLP's advisory role in structuring the bond issuance showcases the legal sector's involvement.
Financials
- €1.3 billion – Total value of the convertible bonds issued by Vonovia SE.
- €650 million – Nominal amount of the first series of bonds maturing in 2030.
- €650 million – Nominal amount of the second series of bonds maturing in 2032.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Vonovia SE | Issuer | Company | A leading German real estate company focusing on residential property management and development. |
| White & Case LLP | Legal Advisor | Company | A global law firm advising the bank syndicate on the bond issuance. |
| Bank Syndicate | Participant | Company | A group of banks involved in the issuance of Vonovia's convertible bonds. |
| Karsten Wöckener | Lead Partner | Person | Partner at White & Case LLP leading the advisory team for the bond issuance. |
| Peter Becker | Local Partner | Person | Local partner at White & Case LLP involved in the advisory work. |
| Daniel Sander | Local Partner | Person | Local partner at White & Case LLP involved in the advisory work. |
| Darleen Stückl | Associate | Person | Associate at White & Case LLP involved in the advisory work. |