September 23, 2019 / 5:27 AM / 25 days ago

Vonovia buys Swedish Hembla from Blackstone

FRANKFURT, Sept 23 (Reuters) - German residential property company Vonovia on Monday said it agreed with Vega Holdco, a subsidiary of investment firm Blackstone, on the acquisition of 69.3% of Swedish peer Hembla, subject to clearance by Swedish antitrust authorities.

The acquisition, at a purchasing price equivalent to 1.14 billion euros ($1.26 billion), would be done via its subsidiary HomeStart Investco, Vonovia said.

It said the move was in line with its international expansion strategy, adding that clearance from cartel watchers was expected in October or November.

Hembla has 21,411 flats, which are primarily based in Stockholm.

$1 = 0.9073 euros Reporting by Vera Eckert, editing by Riham Alkousaa

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