LEG real estate

LEG Immobilien AG
legal form	Corporation
ISIN	DE000LEG1110
founding	June 22, 1970
Seat	Dusseldorf , Germany
management	Lars von Lackum, CEO ; Volker Wiegel ( COO ); Michael Zimmer, Chairman of the Supervisory Board ;
Number of employees	1,444 (2020)
sales	809 million euros (2019)
Branch	Real estate industry
Website	www.leg-wohnen.de
	As of December 31, 2019

The LEG Immobilien AG is a German listed housing company based in Dusseldorf . At the end of 2017, the company had around 130,000 rental apartments. Founded in 1970 as the state development company of North Rhine-Westphalia GmbH , after being privatized in 2008 it initially traded as LEG NRW GmbH . LEG Immobilien AG has been a listed company since February 2013, and the shares have been listed in the MDAX since June 2013 .

Founding history

The Landesentwicklungsgesellschaft NRW mbH, also the Landesentwicklungsgesellschaft Nordrhein-Westfalen for Urban Development, Housing and Agricultural Regulations (LEG), was formed in 1970 from the merger of the non-profit housing companies Rheinische Heim GmbH (Bonn), Rote Erde GmbH (Münster), Westfälische Lippe Heimstätte GmbH (Dortmund) and of Rheinische Heimstätte GmbH (Düsseldorf). Based on the action program Ruhr the Land Fund was established in 1980 Ruhr formed with a fund size of 100 million annually DM to the land recycling in the Ruhr get going. LEG took on the management of this land fund in trust and bound by instructions. In 1987 LEG took over 38,000 apartments from the liquidated Neue Heimat .

privatization

Until the privatization, LEG Wohnen GmbH belonged to around 68% of the investment management company of the State of North Rhine-Westphalia mbH , and to 22% of NRW.Bank .

The state shares in LEG Wohnen GmbH were sold in a bidding process by the state government supported by the CDU and the FDP with conditions ( social charter ). A corresponding cabinet decision was made on October 24, 2006. According to government information , private equity funds such as Deutsche Annington and Fortress were also being discussed as interested parties in addition to the Whitehall Real Estate Funds .

The sale was rejected by the state parliament opposition, the tenant organizations and unions. A popular initiative against the sale had formed. It would have required around 66,000 signatures for the state parliament to deal with this issue again. The popular initiative just missed the quorum.

The estimated company value of LEG was 3.4 billion euros. LEG was sold on June 10, 2008 with effect from August 28, 2008 to the Whitehall Real Estate Funds launched by the American investment bank Goldman Sachs . After deducting LEG's liabilities of 2.6 billion euros, there were net proceeds of 787.1 million euros.

In the privatization contract, a social charter was agreed for the tenants and employees (as of August 29, 2008).

Further development of the company

The company, now known as LEG, went public on February 1, 2013. Initially, the company made losses of 11.5 million euros in 2011 due to a group restructuring, and in 2012 the group result was 112.1 million euros. On April 30, 2013, it was announced that LEG intends to pay a dividend for the first time . For 2013, managing director Thomas Hegel announced the acquisition of an initial 2,000 additional apartments, which will be followed by around 8,000 more apartments by 2014. On September 20, 2015, Deutsche Wohnen and LEG Immobilien announced in a joint press release the intended amicable takeover of LEG by Deutsche Wohnen by the end of 2015. After completion of this project, Deutsche Wohnen would have comprised 250,000 residential units and a portfolio value of around 17 billion euros. However, this takeover was not completed.

criticism

In the BCG Gender Diversity Index 2018, which quantifies the presence of women on executive boards and supervisory boards of 100 listed German companies, the company is listed in the “Worst 10” group and thus ranks at the bottom of the list in terms of gender equality in these companies.

Web links

Official website

Individual evidence

↑ ^a ^b Annual Report 2019 (PDF) LEG Immobilien, accessed on June 19, 2020 .
↑ Annual Report 2017. (pdf) LEG Immobilien, accessed on November 15, 2018 .
↑ Achim Hugo, Martin Koch, Heike Lindemann, Holger Robrecht: Remediation of contaminated sites and soil protection. Planning and implementation of renovation measures - A guide . Springer Verlag, Berlin / Heidelberg 1999, ISBN 978-3-642-64307-1 , p. 316 ( Google Books )
↑ Report of the FTD from June 11, 2008 ( Memento from June 11, 2008 in the Internet Archive )
↑ LEG NRW Social Charter ( Memento of October 15, 2013 in the Internet Archive ) (PDF; 94 kB), accessed on March 15, 2019
↑ Wirtschaftswoche: After a profit: LEG wants to take over more apartments. In: www.wiwo.de. April 30, 2013, accessed December 10, 2019 .
↑ BCG study shows: Henkel leads the DAX in terms of gender diversity. Boston Consulting Group, 2018, accessed December 10, 2019 .

[GB2019-1] Annual Report 2019 (PDF) LEG Immobilien, accessed on June 19, 2020 .

[GB-2] Annual Report 2017. (pdf) LEG Immobilien, accessed on November 15, 2018 .

[3] Achim Hugo, Martin Koch, Heike Lindemann, Holger Robrecht: Remediation of contaminated sites and soil protection. Planning and implementation of renovation measures - A guide . Springer Verlag, Berlin / Heidelberg 1999, ISBN 978-3-642-64307-1 , p. 316 ( Google Books )

[4] Report of the FTD from June 11, 2008 ( Memento from June 11, 2008 in the Internet Archive )

[5] LEG NRW Social Charter ( Memento of October 15, 2013 in the Internet Archive ) (PDF; 94 kB), accessed on March 15, 2019

[6] Wirtschaftswoche: After a profit: LEG wants to take over more apartments. In: www.wiwo.de. April 30, 2013, accessed December 10, 2019 .

[7] BCG study shows: Henkel leads the DAX in terms of gender diversity. Boston Consulting Group, 2018, accessed December 10, 2019 .