02.11.2015

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

 


02.11.2015 The DGAP Distribution Services include Regulatory Announcements,
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Language:     English
Company:      LEG Immobilien AG
              Hans-Böckler-Straße 38  
              40476 Düsseldorf
              Germany
Phone:        +49 (0) 211 / 4568 - 0
Fax:          +49 (0) 211 / 4568 - 261
E-mail:       
Internet:     www.leg.ag
ISIN:         DE000LEG1110
WKN:          LEG111
Indices:      MDAX
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated
              Unofficial Market in Berlin, Dusseldorf, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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