Real estate triple: Linklaters advises Vonovia on successful placement of EUR 1.3 bn convertible bonds

Linklaters advised Vonovia SE on the successful placement of two series of convertible bonds. This was the third real estate company that the Capital Markets team has advised on the placement of convertible bonds within the last few months.

The first series of the Vonovia convertible bonds has a total nominal of EUR 650 million and will become due in May 2030, while the second series, also with a total nominal of EUR 650 million, matures in May 2032. The bonds are convertible into ordinary shares of Vonovia. The net proceeds will be used for general corporate purposes, including the refinancing of debt.

In March 2025, the team advised TAG Immobilien AG on the successful placement of convertible bonds with a total nominal of EUR 332 million.

In September 2024, the team around Alexander Schlee also advised LEG Immobilien SE on the successful placement of guaranteed convertible bonds with a volume of EUR 500 million issued by a Dutch finance subsidiary, and an increase in November 2024 by additional EUR 200 million.

The Linklaters team led by Dr Alexander Schlee (Partner, Capital Markets) advised comprehensively on all these transactions. Further team members were Dr Christian Hundeshagen (Partner, Tax), Dr Ulrich Johann (Counsel, Tax), Catrin Retzmann (Associate, Capital Markets) and Tabea Meißner (Associate, Capital Markets, all Frankfurt).

Alexander Schlee said: ‘Convertibles are particularly attractive for real estate companies at present, as the coupon level is significantly lower compared to a fixed-rate bond without a conversion option. We are delighted and proud to have supported so many leading market players in their successful placements.’

The Linklaters Capital Markets team has already been named Capital Markets Team of the Year twice this year, by Chambers Global and Legal 500: ‘Recognised for its excellence by clients and competitors.’