LEG Immobilien SE
ISIN: DE000LEG1110
WKN: LEG111
04 November 2024 09:15PM

EQS-Adhoc: LEG Immobilien SE: Acquisition of Brack Capital Properties N.V. through the conclusion of a share purchase agreement and a tender commitment in the event of a public offer

LEG Immobilien SE · ISIN: DE000LEG1110 · EQS - adhoc news
Country: Germany · Primary market: Germany · EQS NID: 2022167

EQS-Ad-hoc: LEG Immobilien SE / Key word(s): Takeover/Takeover
LEG Immobilien SE: Acquisition of Brack Capital Properties N.V. through the conclusion of a share purchase agreement and a tender commitment in the event of a public offer

04-Nov-2024 / 21:15 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


LEG Immobilien SE: Acquisition of Brack Capital Properties N.V. through the conclusion of a share purchase agreement and a tender commitment in the event of a public offer
 
  • LEG subsidiary and Adler Real Estate GmbH (Adler) enter into share purchase agreement regarding 52.68% of the shares in Brack Capital Properties N.V. (BCP)
  • Adler commits to tender additional 10.1% of the shares in BCP in the event of a public offer (tender commitment)

 

Today, LEG Grundstücksverwaltung GmbH (LEG), a subsidiary of LEG Immobilien SE, with the approval of the boards of LEG Immobilien SE, has entered into an agreement with Adler relating to the acquisition of 52.68% of the shares in BCP, a real estate company listed on the Tel Aviv Stock Exchange. Together with its 35.52% stake in BCP already acquired in 2021/2022, LEG initially increases its stake to 88.20% upon completion of the share purchase agreement. In addition, Adler has committed to tender its remaining 10.1% of the shares in case of a public offer by LEG regarding BCP (tender commitment). In the event that no public offer is made, LEG grants Adler a put option for the 10.1% stake in BCP at a certain point in time.

 

The cash-financed purchase price for Adler’s entire 62.78% % stake in BCP amounts to approximately EUR 219m. The price of EUR 45 per share represents a 48% discount on the Net Tangible Asset value (NTA) reported by BCP for H1/2024, resulting in a positive effect on the NTA per LEG share. The impact on the Adjusted Funds From Operations (AFFO) per share is expected to be neutral in 2025. Significant effects on the Loan to Value (LTV) ratio are not expected. In the medium term, BCP’s profitability level is to raise to the one of LEG, particularly through realization of synergies in financing, management, and administration, thereby contributing to AFFO growth.

 

LEG Immobilien SE sees the potential completion of the acquisition of BCP as a consistent step in expanding its portfolio in line with its strategy. The transaction allows LEG to further strengthen its market position – more than 90% of BCP’s 9,100 units are located in its core area of activity, in particular in North Rhine-Westphalia, which represents approximately half of BCP’s portfolio – but also in the new markets added in the course of its growth strategy, such as Kiel, Hannover, Göttingen and Bremen. With Leipzig, LEG is now establishing a new attractive location.

 

The completion of the transaction regarding the 52.68% stake is planned for early 2025; merger control clearance has already been granted. The full acquisition (including a squeeze-out of remaining minority shareholders and a delisting) is expected in the following months thereafter.

 




Contact:
Frank Kopfinger
Head of Investor Relations & Strategy

Tel. +49 (0)211/4568-550
Mob. +49 (0)1721739339
 


End of Inside Information

04-Nov-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: LEG Immobilien SE
Flughafenstraße 99
40474 Düsseldorf
Germany
Phone: +49 (0) 211 / 4568 - 0
Fax: +49 (0) 211 / 4568 - 22 204
E-mail: ir@leg-se.com
Internet: www.leg-se.com
ISIN: DE000LEG1110
WKN: LEG111
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart (Freiverkehr Plus), Tradegate Exchange
EQS News ID: 2022167

 
End of Announcement EQS News Service

2022167  04-Nov-2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 766,90 809,40 860,80 960,40 1.149,40 1.240,90 1.285,00
EBITDA1,2 1.188,40 1.310,10 1.619,60 2.272,80 942,40 672,80 987,00
EBITDA-Margin3 154,96 161,86 188,15 236,65 81,99 54,22 76,81
EBIT1,4 1.178,30 1.294,00 1.535,30 2.254,70 628,10 -1.864,50 650,00
EBIT-Margin5 153,65 159,87 178,36 234,77 54,65 -150,25 50,58
Net Profit (Loss)1 847,10 821,00 1.364,50 1.724,70 237,40 -1.564,80 250,00
Net-Margin6 110,46 101,43 158,52 179,58 20,65 -126,10 19,46
Cashflow1,7 288,60 318,20 326,10 353,70 389,00 447,90 0,00
Earnings per share8 11,47 12,52 18,67 21,72 1,45 -21,17 3,35
Dividend per share8 3,53 3,60 3,78 4,07 0,00 2,45 2,45
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: Deloitte

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
LEG Immobilien
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
LEG111 DE000LEG1110 AG 6.057,36 Mio € 01.02.2013 Halten 9F387QF7+CC
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
14,02 14,14 0,99 10,95 0,86 13,52 4,88
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 2,45 2,45 3,01%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
28.05.2025 13.05.2025 07.08.2025 08.11.2024 10.03.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+2,55%
81,34 €
ATH 139,70 €
-7,28% -2,48% +2,55% +3,57% +84,86%

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