World-class real estate company to go public soon! One of the biggest realty companies in Germany---LEG Immobilien AG---continues to expand due to on-going German real estate boom, wow!
Germany is still the most resilient economic powerhouse in Europe, if not in the entire Western world and besting even America.
(This image below sourced from n-tv.de)
Image below sourced from handelsblatt.com... Die LEG Immobilien gehen an die Börse. Damit könnten die Investoren im besten Fall rund eine Milliarde Euro einnehmen. English translation of photo caption: "LEG property go public. Thus, investors could take, at best, about one billion euros."
LEG-Börsengang könnte Milliarden einbringen... UhrDer Börsengang des Immobilienkonzern LEG könnte ein Milliarden-Geschäft werden. Wenn die Eigentümer alle Aktien zum höchsten Preis loswerden, würden sie 1,4 Milliarden Euro einnehmen.
English translation: "LEG IPO could generate billions... IPO of the real estate group LEG could be a billion dollar business. If the owners get rid of all of the shares at the highest price, they would take 1.4 billion euros."
Here's a news report:
Germany is still the most resilient economic powerhouse in Europe, if not in the entire Western world and besting even America.
(This image below sourced from n-tv.de)
(LEG Immobilien Fordsiedlung in Köln-Niehl. English translation of photo caption for image below: "LEG property settlement Ford in Cologne Niehl". Image below sourced from boerse.ard.de)
Image below sourced from handelsblatt.com... Die LEG Immobilien gehen an die Börse. Damit könnten die Investoren im besten Fall rund eine Milliarde Euro einnehmen. English translation of photo caption: "LEG property go public. Thus, investors could take, at best, about one billion euros."
LEG-Börsengang könnte Milliarden einbringen... UhrDer Börsengang des Immobilienkonzern LEG könnte ein Milliarden-Geschäft werden. Wenn die Eigentümer alle Aktien zum höchsten Preis loswerden, würden sie 1,4 Milliarden Euro einnehmen.
English translation: "LEG IPO could generate billions... IPO of the real estate group LEG could be a billion dollar business. If the owners get rid of all of the shares at the highest price, they would take 1.4 billion euros."
Here's a news report:
LEG to Expand Property Portfolio After Selling Shares to Public
By Dalia Fahmy & Christoph Rauwald - Jan 21, 2013 7:30 PM GMT+0800
LEG Immobilien AG, the German apartment landlord planning an initial public offering next month, will increase its portfolio by more than 10 percent in the years ahead, Chief Executive Officer Thomas Hegel said.
LEG owns 91,000 apartments in North Rhine-Westphalia, Germany's most populous state, and plans to add as many as 10,000, Hegel said at a press conference today. The Dusseldorf- based company is controlled by Goldman Sachs Group, Inc. (GS).
“Our focus now is to generate growth,” Hegel said at the briefing in Frankfurt. “North Rhine-Westphalia remains a promising market for future growth in the long term.”
LEG plans to sell as much as 1.4 billion euros ($1.9 billion) of stock in an IPO on the Frankfurt exchange that would be the largest by a German property company. Goldman Sachs, which bought the company for about 3.5 billion euros including debt in 2008, is seeking to profit from a boom in German residential real estate. The FTSE EPRA/Nareit index of German property stocks has gained 35 percent in the past 12 months.
The largest group of investors in next month’s IPO will probably come from the U.K., accounting for 40 percent of the total, said Foruhar Madjlessi, a managing director at Deutsche Bank AG (DBK). About 25 percent of the investors will come from the U.S. and 15 percent from Germany, he said. Deutsche Bank and Goldman Sachs will be lead managers.
Acquisitions will probably be financed with the company’s existing funds, LEG Chief Financial Officer Eckhard Schultz said. LEG plans to distribute about 65 percent of its funds from operations as dividends, he said.
LEG owns 91,000 apartments in North Rhine-Westphalia, Germany's most populous state, and plans to add as many as 10,000, Hegel said at a press conference today. The Dusseldorf- based company is controlled by Goldman Sachs Group, Inc. (GS).
“Our focus now is to generate growth,” Hegel said at the briefing in Frankfurt. “North Rhine-Westphalia remains a promising market for future growth in the long term.”
LEG plans to sell as much as 1.4 billion euros ($1.9 billion) of stock in an IPO on the Frankfurt exchange that would be the largest by a German property company. Goldman Sachs, which bought the company for about 3.5 billion euros including debt in 2008, is seeking to profit from a boom in German residential real estate. The FTSE EPRA/Nareit index of German property stocks has gained 35 percent in the past 12 months.
The largest group of investors in next month’s IPO will probably come from the U.K., accounting for 40 percent of the total, said Foruhar Madjlessi, a managing director at Deutsche Bank AG (DBK). About 25 percent of the investors will come from the U.S. and 15 percent from Germany, he said. Deutsche Bank and Goldman Sachs will be lead managers.
Acquisitions will probably be financed with the company’s existing funds, LEG Chief Financial Officer Eckhard Schultz said. LEG plans to distribute about 65 percent of its funds from operations as dividends, he said.
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