Germany's real estate sector is riding a wave of mergers and acquisitions, as market players seek to take advantage of low interest rates and the relative lag in property prices compared with those in neighbouring countries. This week, the sector's number one Vonovia threw its hat into the ring, announcing it was prepared to stump up as much as 14 billion euros for rival Deutsche Wohnen if it failed to tie the knot with the number three, LEG Immobilien.