We have written a lot about Vonovia SE (VNA / OTCPK:VNNVF / OTCPK:VONOY) at High Yield Landlord over the past months, and it is simple to explain. Vonovia is the largest landlord in Europe, owning 500,000+ apartment units, mainly in Germany, it has a strong BBB+ rated balance sheet, a great track record, steady rent growth prospects, and a management team that keeps buying more shares... The latest net asset value per share of the company is €57 per share, but the shares are priced at just €17, representing a huge 70% discount.