State of Hamburg to acquire PFLEGEN & WOHNEN from Deutsche Wohnen for $388m.

State of Hamburg agreed to acquire PFLEGEN & WOHNEN, a provider of long-term nursing and residential care services, from Vonovia-backed Deutsche Wohnen, a property company, for $388m. “With the sale to the City of Hamburg Deutsche Wohnen successfully places Pflegen & Wohnen Hamburg in good hands. We are handing over an economically healthy company with strong substance to a responsible new owner. The high quality of all operations will continue. We are pleased that we have been able to reach a good result for all parties involved through constructive negotiations,” Lars Urbansky, Deutsche Wohnen CEO.