By Kim Richters

Deutsche Wohnen SE and Vonovia SE said Friday that they have agreed to sell almost 15,000 apartments to the state of Berlin for about 2.46 billion euros ($2.89 billion) as part of the property companies' plan to merge their businesses.

"As well as contributing to the expansion of municipal housing stock, we continue to stand by our commitments to limit regular rent increases across our combined Berlin portfolio until 2026 and to build 13,000 new flats in Berlin," said Vonovia Chief Executive Officer Rolf Buch.

Vonovia is currently pursuing a takeover of rival Deutsche Wohnen. It has made a public takeover offer at EUR53 per share, and recently scrapped the suggested minimum shareholder acceptance threshold of 50% that was part of the bid. A previous, lower offer failed in July.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

September 17, 2021 07:20 ET (11:20 GMT)

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