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More shareholders back audit of Deutsche Wohnen loan to Vonovia

Reuters
·1-min read
FILE PHOTO: An office building of the German property group Deutsche Wohnen is pictured in Berlin

DUESSELDORF, Germany (Reuters) - Proxy adviser Glass Lewis backs a call by activist investor Elliott for a special investigation into a loan that German property company Deutsche Wohnen made to its top shareholder Vonovia.

The recommendation, seen by Reuters, raises pressure on the board and supervisory board of Deutsche Wohnen before its shareholder meeting on June 15 after Institutional Shareholder Services (ISS) also supported the call on Tuesday.

In 2021, Vonovia completed the takeover of rival Deutsche Wohnen to create a property group with more than 500,000 apartments. In January 2022, Deutsche Wohnen disclosed in a public filing that it would lend up to 2 billion euros ($2.20 billion) to its new main shareholder.

(Reporting by Matthias Inverardi; Writing by Madeline Chambers; Editing by Rachel More)