Introduction
The sentiment on the German real estate market is not good. In recent months, there have been some discussions in the environment of housing companies. Consensus estimates see a shortage of at least 1 million apartments in urban areas. At the centre of the discussion is Vonovia (OTCPK:VONOY, VNNF). The company is Germany's largest residential property company. Vonovia was established in a 2015 merger of German real estate companies Deutsche Annington and Gagfah.
The company does not enjoy the best reputation in Germany due to its business model and is often