Deutsche Wohnen, a German property company,completed the acquisition of Isaria Wohnbau, a real estate development company, from buyout group Lone Star for $648m. The transaction is subject to the customary closing conditions and will be concluded in the course of this year. With this acquisition, Deutsche Wohnen is strengthening its competence in the field of new builds significantly. “The lack of affordable housing in our cities is a major challenge for society. Up to 400k flats must be built every year in Germany’s cities. Private and financially sound companies can help to tackle this housing shortage. With the help of this transaction, we now have access to attractive future projects, which we will realise systematically in line with our overall strategy,” Michael Zahn, Deutsche Wohnen CEO.