LEG Immobilien AG reaches agreement on the acquisition of around 13,800 residential units

LEG Immobilien AG / Key word(s): Miscellaneous
02.11.2015 18:15

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Ad-hoc News

LEG Immobilien AG reaches agreement on the acquisition of around 13,800 residential units

LEG Immobilien AG as the acquirer and Vonovia SE as the seller have signed an agreement in principle today about the acquisition of a portfolio of around 13,800 residential units in North Rhine-Westphalia. The purchase price for the portfolio amounts to approximately 600 million euros.

The concentrated portfolio strengthens the presence and the leading market position of LEG in its core markets in North Rhine-Westphalia. The annualised net cold rent of the portfolio is currently around 48 million euros. The rent per square metre amounts to 4.84 euros, the vacancy level is currently 6.3%.

The initial annualised FFO contribution generated by the portfolio is currently 28.0 million euros. This estimate is based on the assumption that the acquisition is financed with a loan-to-value ratio (LTV) of around 50% under the usual financing strategy pursued by LEG. For the future, LEG is considering the implementation of an equity measure for financing the equity portion.

The transaction is subject to approval by the Federal Antitrust Office. Closure is projected for spring 2016.

Dusseldorf, 2 November 2015


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Language:     English
Company:      LEG Immobilien AG
              Hans-Böckler-Straße 38  
              40476 Düsseldorf
Phone:        +49 (0) 211 / 4568 - 0
Fax:          +49 (0) 211 / 4568 - 261
Internet:     www.leg.ag
ISIN:         DE000LEG1110
WKN:          LEG111
Indices:      MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart  
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