Rivalry drives Germany's 2 largest landlords to overseas expansion

Berlin

GERMANY'S two largest landlords are expanding, though their dominant position means the rivalry may move beyond the country's borders.

Deutsche Wohnen AG, one of two companies that together own about 500,000 German apartments, is trying to get a foothold in Austria, another country with a high proportion of renters. The landlord's bid for Vienna-based Conwert Immobilien Invest SE is unlikely to be its last foray across the border, according to Peter Papadakos, an analyst at Green Street Advisors in London.