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LEG Immobilien Buys 2,200 German Apartments From BGP Investment

LEG Immobilien AG, Germany’s largest residential landlord by market value, bought about 2,200 apartments in North Rhine-Westphalia from a group of investors led by BGP Investment.

The transaction will increase LEG’s homes to more than 93,000, the Dusseldorf-based company said in a statement today. No price was disclosed.

LEG in February was taken public by former owner Goldman Sachs Group Inc. in the German property industry’s biggest initial public offering. The company, benefiting from rising rents in Germany, said it has more property-portfolio acquisitions in the pipeline.

The homes in the purchase announced today are in cities including Dortmund and Essen and generate annual net rent of more than 6.1 million euros ($7.8 million), LEG said. The deal is expected to be completed on Aug. 1.

LEG gained as much as 3.4 percent to 46.38 euros in Frankfurt trading, the highest since the IPO. LEG has a market value of 2.44 billion euros.

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