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Deutsche Wohnen selling German residential portfolio for €615M

Deutsche Wohnen SE agreed to sell a portfolio of about 6,350 apartment units in Germany for approximately €615 million, reflecting a premium of approximately 33% to book values.

The units, which are primarily outside the country's metropolitan regions, are being sold to real estate investment firm ZBI AG.

Deutsche Wohnen plans to use the expected net cash flow of roughly €500 million for the acquisition of about 3,000 apartment units in western Germany's metropolitan regions.

The sale to ZBI remains subject to antitrust approval and is expected to close by 2019-end.