Düsseldorf-based LEG Immobilien, which has recently been listed on the Frankfurt stock exchange, has increased its funds from operations by 22.2% from €111.8m to €136.5m in the financial year 2012.
The company plans to grow further and acquire about 10,000 flats by the end of 2014, said LEG Immobilien’s CEO Thomas Hegel.
LEG is currently in negotiations to buy a residential portfolio in North-Rhine Westphalia that have now entered the final stage, said the company. The portfolio comprises 2,000 flats and has potential for value enhancement.
LEG Immobilien’s EBITDA rose by 5.9% from €210.6m to €223.1m. This is due to a growth in rental income as well as a higher percentage of value-adding investments.
In the financial year of 2012, LEG carried out refinancing amounting to €2bn and reduced its interest by €7.3m to €90.1m, contributing to the positive result.
