LEG Immobilien AG acquires portfolio of around 9,600 residential units, raises earnings outlook for 2015 and resolves share capital increase by a nominal amount of EUR 4,100,000

LEG Immobilien AG  / Key word(s): Miscellaneous

09.10.2014 18:22

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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The issuer is solely responsible for the content of this announcement.


Ad hoc disclosure


LEG Immobilien AG acquires portfolio of around 9,600 residential units,
raises earnings outlook for 2015 and resolves share capital increase by a
nominal amount of EUR 4,100,000

Dusseldorf - A subsidiary of LEG Immobilien AG, acting as the buyer, and
Deutsche Annington Immobilien SE, acting as the seller, today signed an
agreement for a portfolio transaction for around 9,600 residential units by
way of the indirect acquisition of the respective property companies. The
transaction is for the sale of part of the former Vitus portfolio and
comprises the properties in North Rhine-Westphalia. Including the
transaction costs, LEG's total investment amounts to EUR 484 million. Among
other things, the transaction costs include the assumption of the
proportionate refinancing costs that were incurred by Deutsche Annington in
connection with the acquisition of the Vitus portfolio.

The portfolio is distributed over various locations in NRW, while its most
important local markets are Mönchengladbach, Wuppertal and Leverkusen. The
top six locations account for a share of 88%. The current annualised net
cold rent is around EUR 35 million, rent per square metre EUR 4.76 and the
vacancy rate is 3.9%.

55 employees (FTEs) are to be taken on in the context of the transaction.
Following antitrust approval, the closing of the transaction is expected in
the course of October 2014.

LEG Immobilien AG will finance the transaction with cash, funds from the
convertible bond placed in April 2014 and borrowed capital.

In light of the acquisition of around 9,600 residential units, LEG
Immobilien AG is raising its earnings outlook for the 2015 financial year.
FFO I (funds from operations) are expected to be in a range of EUR 188
million to EUR 193 million. This translates into an FFO per share of EUR
3.29 to EUR 3.39. LEG Immobilien AG's previous earnings outlook for 2015
had been EUR 172 million to EUR 177 million.

Moreover, with the consent of the Supervisory Board and confirmation by the
Executive Committee of the Supervisory Board, the Management Board of LEG
Immobilien AG today resolved to utilise some of its existing authorised
capital and to increase the share capital of the company by EUR 4,100,000
against the issue of 4,100,000 new registered shares of the company with
dividend rights for the 2014 financial year under exclusion of shareholder
pre-emption rights.

The net proceeds are earmarked for further implementing the acquisition
strategy and thereby generating further economies of scale whilst
optimizing the capital structure at the same time.

Furthermore, parallel to the capital measure by the company, 2,365,940
shares held by Perry Luxco RE S.à r.l. are to be offered to institutional
investors in a further private placement.

The new shares as well as the shares held by Perry Luxco RE S.à r.l. will
be offered to institutional investors by way of private placement in
accelerated book building. The placement price and the proceeds from the
issue will be announced after the price has been determined. Deutsche Bank
and Goldman Sachs International will act as Joint Bookrunners.

Düsseldorf, October 9, 2014

Forward-Looking Statements

This publication may contain forward-looking statements based on current
assumptions and forecasts made by LEG Immobilien AG management. Various
known and unknown risks, uncertainties and other factors could lead to
material differences between the actual future results, financial
situation, development or performance of the company and the estimates
given here. The company assumes no liability whatsoever to update these
forward-looking statements or to conform them to future events or


This publication does not constitute a public offer of securities in
Germany. It is not for publication or distribution, directly or indirectly,
in or into the United States of America. This publication does not
constitute an offer to sell securities, or a solicitation of an offer to
buy securities, in the United States of America or in any other
jurisdiction to any person to whom it is unlawful to make such offer or
solicitation in such jurisdiction. Securities may not be offered or sold in
the United States of America absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the
"Securities Act"). The securities of LEG Immobilien AG described herein
have not been and will not be registered under the Securities Act, or the
laws of any State, and may not be offered or sold within the United States
of America, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
applicable State laws. LEG Immobilien AG does not intend to register any
portion of the offering in the United States of America or conduct a public
offering of securities in the United States of America.

09.10.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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-nrw.de
ISIN:         DE000LEG1110
WKN:          LEG111
Indices:      MDAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Stuttgart
End of Announcement                             DGAP News-Service

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