Germany-based Vonovia has made a $1.08 billion cash offer for Swedish listed property company Victoria Park AB, outbidding Starwood Capital Group.
Victoria Park owns 14,000 residential units in Stockholm, Gothenburg and Malmo.
The acquisition marks Vonovia’s entry into the Swedish market and is part of its strategy to expand beyond its core market of Germany.
Victoria Park’s board had recommended shareholders reject Starwood’s approach, saying it did not reflect the company’s value, according to media outlets. On Thursday, its bid committee voiced support for Vonovia’s offer.
