LEG Immobilien SE Acquires Brack Capital Properties N.V.

LEG Immobilien SE, through its subsidiary, has announced a significant acquisition of Brack Capital Properties N.V. (BCP) by concluding a share purchase agreement with Adler Real Estate GmbH. This acquisition involves 52.68% of BCP's shares, boosting LEG’s stake to 88.20% when combined with its previous holdings. Adler has also agreed to tender an additional 10.1% of shares under certain conditions, including a public offer scenario.

The deal, financed in cash, values Adler’s total 62.78% stake at approximately EUR 219 million. The price per share reflects a 48% discount on BCP's reported net tangible assets, benefiting LEG’s financial metrics while maintaining a neutral expected impact on next year’s adjusted funds from operations per share.

The transaction aligns with LEG's strategy to expand its real estate presence, especially in key regions like North Rhine-Westphalia. Full acquisition and integration, including addressing minority shareholders, is anticipated following early 2025, after merger control approvals.