LEG: Hegel hands off to von Lackum – 16 % more dividend

11/03/2019

Thomas Hegel will hand off his position as CEO of LEG Immobilien to former Chief Digital Officer Lars von Lackum (43) at the end of May. Hegel (then 63) will still be available to LEG in an advisory capacity. He had led the firm for 13 years, managing its conversion from a state-owned to a listed company. Responsibility for the operative business (COO) will fall to Volker Wiegel (42), former General Counsel at LEG. Eckhard Schultz (54) remains CFO. For the past business year, the housing company reports operative earnings (FFO 1) of €318.6mn, 7.9 % more than in 2017.  Since the distribution rate also increases from 65 to 70 % of FFO, the dividend rises by 16 % to €3.53. The profits were achieved thanks to rising rents (+3.0 % to €5.67/sqm), acquisitions, and declining interest costs. The FFO forecast for 2019 remains at €338mn to €344mn.


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