Vonovia SE Launches €750 Million Convertible Bond Offering

Vonovia SE, a prominent real estate company, has announced the launch of a €750 million convertible bond offering. The bonds, maturing on June 30, 2031, are convertible into new or existing no-par-value ordinary shares of the company. Existent shareholders' pre-emptive rights to the bonds are excluded.

Offered through an accelerated bookbuilding process, the bonds target institutional investors beyond the United States. Each bond holds a denomination of €100,000 and bears no periodic interest, with a conversion premium set between 35.0% and 40.0% above the reference share price.

The offering's proceeds aim to support general corporate purposes, including debt refinancing. Vonovia intends to list the bonds on the Frankfurt Stock Exchange's Open Market. The final bond terms will be published separately, with settlement expected around June 30, 2026.