Gagfah

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Gagfah SA

logo
legal form Société Anonyme
ISIN LU0269583422
founding 1918
Seat Luxembourg
management Thomas Zinnöcker
( CEO )
Dieter H. Ristau
( Chairman of the Board of Directors )
Number of employees 1,577 (2014)
sales 833.5 million euros (2014)
Branch Real estate industry
Website gagfah.de

The Gagfah SA (proper spelling GAGFAH ), based in Luxembourg is the holding company for various German subsidiaries in the real estate industry . The German subsidiary is headquartered in Essen . The corporate headquarters are in Mülheim an der Ruhr . The company has been part of Vonovia (formerly Deutsche Annington Immobilien Group) since March 11, 2015 .

With a portfolio of 144,452 (as of 2014) rental apartments and around 35,000 apartments managed for third parties, Gagfah is one of the largest listed housing companies in Germany and was a member of the MDAX . Vonovia is the majority shareholder with a stake of 93.42%. The remaining 6.58% are in free float or are held by the company itself. The shares are being delisted from the Frankfurt Stock Exchange .

history

Registered share over 1000 RM of Gagfah - non-profit stock corporation for salaried employees' homes from 1925

The " G emeinnützige A ktien- G ompany f ÜR A ngestellten- H eimstätten" (GAGFAH) was of 27 employees associations for the purpose of housing provision for legally insured employees in in October 1918 in Berlin as a non-profit corporation founded. Measured in terms of capital participation, the German National Trade Aid Association held the highest shares at the time it was founded. In 1920, 1,060 homes were already under construction, including 925 single-family homes . From 1924 to 1956, the architect Arnold Knoblauch was chairman of the board.

After the seizure of power by the Nazi regime in 1933 and the ban on trade unions Gagfah became the property of the German Labor Front over. She sold the company in the mid-1930s to the Reich Insurance Company for Salaried Employees . After the Second World War , all attempts by the white-collar unions to get the company back in the course of the restitution of confiscated union assets failed. As the legal successor, Gagfah was taken over by the Federal Insurance Agency for Salaried Employees (BfA). As a result of the law on the transfer of non-profit housing to the general housing market of July 25, 1988, Gagfah was stripped of its non-profit status with effect from January 1, 1990 .

In July 2004, the BfA sold its 81,000 apartments bundled in Gagfah (at 147 different locations in Germany, including around 24,000 in Berlin alone ) to the US company Fortress at a price of around 3.5 billion euros. This corresponded to an average price of 43,000 euros per apartment. At this point in time the liabilities were already 1.6 billion euros.

In July 2005, NILEG Immobilien Holding from Hanover was integrated . At a purchase price of around 1.5 billion euros, almost 28,000 apartments changed hands.

In April 2006, WOBA Dresden was taken over with approx. 48,000 apartments and approx. 1320 commercial units. With effect from August 1, 2006, Burkhard Ulrich Drescher , once Lord Mayor of Oberhausen, was appointed Chairman of the Management Board of Gagfah and a member of the Board of Directors.

For the IPO, the company was converted into a public limited company under Luxembourg law ( Société Anonyme ). During the initial public offering (IPO), the subscription period ran from October 10 to 18, 2006 with a bookbuilding range of EUR 17 to 19. The initial listing took place on October 19, 2006 at an opening price of 19 euros.

In May 2007, Gagfah bought a further 920 apartments and 71 commercial properties for 80.7 million euros, including around 500 apartments from a package sale by VGH Insurance , which thereby liquidated the holdings of the Landschaftliche Brandkasse .

Effective April 7, 2009, William Joseph Brennan took over Drescher's position as managing director of the respective companies in the group.

According to an announcement dated March 28, 2012, Brennan was replaced by the previous Chief Financial Officer (CFO) Stephen Charlton.

With a press release dated March 22, 2013 it was communicated that Thomas Zinnöcker will be the new CEO of the Gagfah Group. Zinnöcker has an extensive track record in the German real estate industry and will again focus Gagfah more on the core business , namely on the management, acquisition and sale of residential real estate in Germany. Zinnöcker also announced improvements for many tenants at a press conference in May 2013.

The almost 38,000 apartments from WOBA Dresden that the Gagfah Group took over were to be sold again. This sale should come about because of high debts and lack of money of the Gagfah. The top management announced that in the first half of 2012 they were back in the black, with a profit of 14.8 million euros. On February 5, 2013 it was announced that the sales process had ended and the Gagfah Group would remain the owner and manager of the apartments in Dresden. In addition, the decision was announced that the loan for the WOBA portfolio in the amount of around 1 billion euros should be refinanced. On February 20, 2013, Gagfah SA published a press release that the Gagfah Group had successfully completed the WOBA financing of EUR 1.06 billion with Bank of America Merrill Lynch.

On September 26, 2013, the Gagfah press office was awarded the “Golden Apple” for an excellent example of crisis communication.

Fortress sold the last GAGFAH-SA shares on June 10, 2014 and thus left GAGFAH's business after ten years.

In December 2014 it was announced that Gagfah would be taken over by Deutsche Annington for 3.9 billion euros. Under the new name Vonovia , the company is Germany's largest private landlord.

Business activity

In 2014 the company owned rental apartments with a total living space of around 8,760,500 m². Most of the building stock was built between 1950 and 1979. The average rental period is just under eleven years. The occupancy rate is almost 96%. The portfolio contains properties in over 350 cities and locations across Germany. The largest locations on December 31, 2014 were Dresden (36,896 apartments), Berlin (15,098 apartments) and Hamburg (9,036 apartments).

criticism

As the company expressly emphasizes in its self-presentation, tenant protection rules are laid down in so-called “social charters”. According to the assessment of the German Tenants' Association , these social charter do not go beyond the statutory tenant protection according to the BGB . Critics accuse the company policy of only being interested in short-term income from sales and of neglecting the apartments. At the end of March 2011, the city ​​of Dresden decided to file a lawsuit for the annulment of the “social charters” relating to the property acquired by the city's own housing association in 2006 and to claim damages of EUR 1.06 billion. In March 2012, the Gagfah and the City of Dresden agreed on a settlement that imposed far-reaching obligations on the Gagfah. In return, all proceedings are dropped. The Dresden city council has approved the settlement agreement.

Gagfah boss William Joseph Brennan had sold shares for 4.7 million euros in early February 2011, around four weeks before the city of Dresden's lawsuit against the company became known. This was followed by an investigation by the Bafin on suspicion of insider trading . In October 2011 charges were filed against five people.

In Hamburg's Korallusviertel, tenants have been resisting the Gagfah's neglect policy for several years, which culminated in demonstrations and rallies in front of the Gagfah headquarters. The plaster and stones were crumbling from the facades and mold had become the norm in the apartments.

literature

Web links

Individual evidence

  1. ↑ a b c d Gagfah SA: Consolidated Annual Report. (PDF; 3.6 MB) (No longer available online.) Archived from the original on September 24, 2015 ; Retrieved April 3, 2014 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.gagfah.com
  2. ↑ Headquarters in Essen ( Memento of the original dated November 19, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.gagfah.de
  3. ↑ Gagfah - shareholder structure ( memento of the original from January 7, 2014 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.gagfah.com
  4. ↑ Archived copy ( memento of the original from July 3, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.gagfah.com
  5. ↑ Ulrike Haerendel: Municipal housing policy in the Third Reich . ISBN 3-486-56389-0 , pp. 265 ff .
  6. ↑ Federal Administrative Court, File No. 8 C 7.07 of April 2, 2008.
  7. ↑ Homesteads for medium-sized businesses. In:  Der Bautechniker , year 1920, p. 398 (online at ANNO ).Template: ANNO / maintenance / construction
  8. ^ Archive of the asset management of the former DAG in the archive of the asset management of ver.di, Berlin, restitution files Gagfah
  9. ↑ BGBl. 1988 I p. 1093, 1136 .
  10. ↑ Nileg sale to Fortress brings Nord-LB billions. Handelsblatt, July 14, 2005, accessed on February 26, 2011 .
  11. ↑ NORD / LB: Nileg sale to Fortress brings Nord-LB billions - Handelsblatt, 07/14/2005. July 14, 2005, accessed February 26, 2011 .
  12. ↑ Gagfah SA: Burkhard Ulrich Drescher is the new CEO of the Gagfah / NILEG real estate group. (No longer available online.) July 25, 2006, archived from the original on February 15, 2015 ; Retrieved April 12, 2010 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.gagfah.de
  13. ^ Ad hoc announcement by Gagfah SA in accordance with Section 15 of the Securities Trading Act (WpHG). (No longer available online.) April 6, 2009, archived from the original on February 15, 2015 ; accessed on February 14, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.gagfah.com
  14. ^ Gagfah SA: AD-HOC NOTIFICATION ACCORDING TO § 15 WPHG - share buyback program / management. (No longer available online.) March 28, 2012, archived from the original on February 15, 2015 ; Retrieved May 13, 2012 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.gagfah.com
  15. ↑ Gagfah SA press release of March 22, 2013 ( Memento of the original of February 15, 2015 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.gagfah.com
  16. ↑ Angelika Slavik: Gagfah: Charm offensive at the scandal company. In: sueddeutsche.de . May 17, 2013, accessed February 14, 2015 .
  17. ↑ Gagfah wants to sell apartments in Dresden ( Memento from May 3, 2012 in the Internet Archive ) In: mdr.de
  18. ↑ Gagfah increases operating profit only slightly ( Memento from August 16, 2012 in the Internet Archive ) Financial Times
  19. ↑ Gagfah SA press release of March 5, 2013 ( Memento of the original of November 4, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.gagfah.com
  20. ↑ GAGFAH SA press release of February 20, 2013 ( Memento of the original of February 15, 2015 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.gagfah.com
  21. ↑ Press Office 2013
  22. ↑ Reuters: Fortress leaves Gagfah after ten years. In: handelsblatt.com . June 10, 2014, accessed February 14, 2015 .
  23. ↑ Reuters, dpa: Deutsche Annington wants to take over Gagfah. In: handelsblatt.com . December 1, 2014, accessed February 14, 2015 .
  24. ↑ Tenant protection. ( Memento of the original from September 7, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Homepage @1@ 2Template: Webachiv / IABot / www.gagfah.com
  25. ^ Social charter for Dresdner Woba is sham. ( Memento of the original from December 6, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. dmb, March 1, 2006. @1@ 2Template: Webachiv / IABot / www.mieterbund.de
  26. ↑ Meike Schreiber: tenant scare Gagfah. ( Memento from July 31, 2012 in the web archive archive.today ) Financial Times Deutschland , March 12, 2010.
  27. ↑ David Böcking: Real estate giant Gagfah: Dresden risks fighting the grasshopper. In: Spiegel Online . March 24, 2011, accessed February 14, 2015 .
  28. ↑ Press: Gagfah - City of Dresden resolves lawsuit. In: boerse.de. Retrieved February 14, 2015 .
  29. ↑ State capital Dresden and Gagfah settle legal dispute and enter into a settlement. (No longer available online.) In: dresden.de. State capital Dresden, March 2, 2012, archived from the original on September 23, 2015 ; accessed on August 16, 2015 (press release). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.dresden.de
  30. ↑ Dresden City Council approves the Gagfah settlement. In: immobilien-zeitung.de. March 16, 2012, accessed February 14, 2015 .
  31. ↑ BaFin reports insider trading at Gagfah ( memento of October 7, 2011 in the Internet Archive ) In: boerse.ard.de