Introduction
Vonovia SE (OTCPK:VNNVF) was founded in 2001 and is one of the largest German residential real estate companies with the current market price of $51.88 and the market cap of $26.8 billion (OTC Market in the US). The company invests into residential properties in all major cities and regions in Germany, Austria and Sweden. It owns 396,000 residential units and manages around 84,000 apartments with the total value of the portfolio approximately EUR 44.2 billion. The most important strategic markets are North-Rhine Westphalia that represents around 30% of its portfolio together with