The trajectories of Europe's two largest landlords: a comparative case study of transnational investment practices
This article investigates the cross-border strategies of Europe's two largest corporate landlords, Vonovia and Heimstaden. Both firms have rapidly expanded by acquiring undervalued rental housing in highly regulated markets such as Germany and Sweden. The article develops a four-part comparative framework-ownership structures, business models, regulatory environments, and tenant mobilization-to examine how institutional landlords operate transnationally while adapting to local contexts. It shows that, alongside rent extraction and regulatory circumvention, these firms deploy social-responsibility rhetoric and forge public-private partnerships to secure legitimacy and pre-empt criticism. The findings demonstrate that transnational expansion is driven not only by market logics but also by firms' capacity to navigate and reshape diverse governance regimes, even in cities with strong tenant protections and tenant movements. The article concludes by highlighting the policy implications of these legitimizing strategies and the urgent need for binding regulatory reforms to safeguard housing as a social right.