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German listed residential property group Deutsche Wohnen has announced plans to carry out a new capital increase to finance further growth.

In a statement, Deutsche Wohnen said the operation is slated to be voted during an extraordinary shareholders meeting on December 4. The company has almost completely invested proceeds of EUR 620 mln raised from the last two rights issues in November 2011 and June 2012, it added.

'Large volume portfolios and a number of smaller portfolios are currently on the market or will be in the near future. These present excellent acquisition opportunities for Deutsche Wohnen to expand and enhance the value of its portfolio,' the company said.

Deutsche Wohnen is among the bidders for the Dresden Woba portfolio being sold by peer Gagfah. The transaction is expected to close by year-end with the transfer of ownership in the first quarter of 2013. The portfolio consists of around 38,000 units with annual net rents of EUR 133 mln.

'At the annual general meeting in June 2012, we explicitly announced our intentions to grow. We kept this promise and have created value for our investors which is also shown by the development of our share price. Given our positive market reputation, we are convinced to receive the necessary support from our investors in order to continue our growth story,' commented CEO Michael Zahn.