Terra Firma

Viterra

Description

Viterra was a predominantly residential property company in Germany with approximately 150,000 units under ownership or management. Its main areas of business were the letting of residential property, active asset management and the sale of flats to tenants, owner-occupiers or local investors.

Strategy

Viterra was a business with strong asset backing and the rental income and sales proceeds from the Viterra portfolio represented a strong and predictable source of cash flow. Combining the Viterra portfolio with that of Deutsche Annington created the leading German residential real estate company and generated significant benefits through synergies. There was also significant scope to improve the efficiency of the Viterra housing management operations by applying DAIG’s operational performance to enhance the rental cash flow profile and increase net cash yield.

Outcome

Viterra was combined with Deutsche Annington in 2005. In 2006, the 82.5% share of DAIG that was owned and managed by Terra Firma entities was transferred to Terra Firma Deutsche Annington.

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