GAGFAH

GAGFAH S.A.
TypeSociété Anonyme
FWB: GFJ
IndustryReal estate
Founded1918
HeadquartersLuxembourg City, Luxembourg
Key peopleJonathan Ashley (Chairman), Thomas Zinnöcker (CEO)
ProductsInvestments in residential property
€348.3 million (2010)
€7.7 million (2010)
Total assets€9.262 billion (end 2010)
Total equity€2.303 billion (end 2010)
Number of employees
1,405 (FTE, average 2010)
ParentReichsversicherungsanstalt für Angestellte
German National Association of Commercial Employees Edit this on Wikidata
Websitewww.gagfah.com

GAGFAH (Gemeinnützige Aktiengesellschaft für Angestellten-Heimstätten) was a Luxembourg-based realty company. It owned a portfolio of more than 145,000 rental units in Germany, particularly concentrated in Dresden and Berlin.

Overview

The company was brought to the stock market in October 2006 through the sale of 20% of its shares at €19 per share, at the top of the €17-€19 price range quoted in its flotation prospectus.

For a while during the 2008 financial crisis GAGFAH's share price traded as low as €2 per share (down -89% on IPO price).

In 2015, GAGFAH merged with Deutsche Annington and was renamed Vonovia.

As part of the merger terms, GAGFAH shareholders received five new shares in Vonovia and €122.52 in cash for every 14 GAGFAH shares, equating to a value of €20.39 per GAGFAH share based on Vonovia's €32.38 closing share price on 6th March 2015. In a subsequent tender offer a small number of outstanding GAGFAH shares were sold to Vonovia for €18.68 per share in cash.

References

  1. 1 2 3 4 5 "Annual Report 2010" (PDF). GAGFAH. Retrieved 5 May 2011.
  2. ↑ "GAGFAH about us". Archived from the original on 2008-06-28. Retrieved 2008-01-11.
  3. ↑ Gagfah flotation prospectus, 6th October 2006
  4. ↑ "Merged Deutsche Annington and Gagfah named Vonovia". Reuters. 19 March 2015.
  5. ↑ Vonovia SE Annual Report 2015