Immobilien: Immobilienpreise belasten LEG
Der Immobilienkonzern gilt als umworben und kann beim Ergebnis weiter zulegen. Allerdings könnte die Zinsentwicklung im zweiten Halbjahr zu einer Abwertung führen.
The real estate company LEG is benefiting from rising rents and low vacancy rates. Its main source of income, cash flow from operations (AFFO), increased by 4.9 percent to 190.1 million euros after nine months, according to the Düsseldorf-based group on Thursday. Rent on comparable space rose by 3.9 percent across its portfolio, with a vacancy rate of 2.5 percent.
The company had already announced further revenue growth for the 2026 business year, with AFFO expected to range between 220 and 240 million euros, and potentially between 230 and 250 million euros the following year. However, LEG is burdened by the development of interest rates, which are driven up by inflation and affect property prices.
The company anticipates a depreciation of its property portfolio in the second half of the year, which, in turn, will make it impossible to achieve a debt-to-income ratio (LTV) of around 45 percent in 2026. Additionally, LEG has secured a new major investor. The residential real estate investor Grand City Properties announced in October that it had significantly increased its stake in LEG to 20.04 percent.
The strategy of GYC majority shareholder Aroundtown is to become more involved in the residential and hotel business. LEG had distanced itself from this development. More: New Million Poker – What is Aroundtown planning for its rival LEG?
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