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LEG Immobilien SE: Cleanup underway after flooding – practical and financial support for tenants affected

·5-min read
  • LEG hardly affected - Most damage relates to flooded basements, building entrances and outdoor facilities

  • Straightforward assistance if apartments are temporarily uninhabitable

  • LEG foundations launch emergency fund

“We are deeply saddened by the devastating floods in North Rhine-Westphalia and Rhineland-Palatinate, including at a number of locations with LEG homes. The necessary cleanup work at LEG is manageable and making good progress. Our particular concern is for the people who are unable to return to their homes for the time being, and we would like to offer them a safe place to live again as soon as possible. We are sincerely thankful to the emergency services and rescue teams on the ground. We are especially touched by the great solidarity among our tenants and the tremendous dedication shown by LEG colleagues,” said Lars von Lackum, CEO of LEG Immobilien SE.

Most of the damage reports received by LEG’s customer service relating to the flooding are for flooded basements and outdoor facilities, with only a few buildings suffering more extensive damage. The damages are now being repaired gradually by its subsidiary TSP and long-standing affiliated companies. Other maintenance work may be postponed. LEG kindly asks its customers for their understanding in this matter.

The company has also taken the following immediate measures:

- Rapid information on the ground:

A crisis unit was set up on Wednesday of last week to inform tenants about the situation on the ground by e-mail and by putting up notices in LEG neighbourhoods. The company is careful not to impede the work of local emergency services. Wherever possible, LEG teams will also evaluate the damage in person and contact the tenants.

- Short-term accommodation for affected customers:

Customers have been offered hotel accommodation in cases where homes have to be temporarily vacated, for example due to power outages or damaged stairwells/building entrances. The first tenants here have already returned to their homes.

- Home exchanges and emergency aid at LEG and collaboration with other housing companies:

Where homes will remain uninhabitable for a longer period of time due to building or water damage, the company is offering a suitable replacement where available. In this case, LEG will provide EUR 500 in emergency aid for urgent purchases if the house has been lost.

If LEG is unable to offer a vacant home of its own, the company will collaborate closely with other housing companies and the VdW housing association, which all provide mutual support.

If a new rental agreement with another landlord is signed, the old contract with LEG will, of course, be terminated immediately with a minimum of red tape.

- Special budget for clearing out:

The company will initially provide EUR 1 million to clear out damaged basements and apartments, which will also provide support to tenants who do not have the insurance coverage required.

- EUR 250,000 flood relief from LEG foundations:

The LEG foundations “Your Home Helps” foundation and the LEG NRW Tenants’ Foundation have joined forces and initially launched a EUR 250,000 emergency fund to support tenants who have lost their possessions due to the flooding. Affected customers should please phone our hotline at 02 11 / 740 740-0 or e-mail service@leg-wohnen.de

- Note on insurance coverage:

It is often unclear what insurance policy covers what damage in this kind of exceptional situation and so LEG has provided an overview for its customers on its website. (Link to the website)

COO Dr Volker Wiegel said: “The additional work for our company is manageable, in part thanks to the comprehensive precautionary insurance cover that our properties have. LEG Immobilien SE is now focusing on rapid assistance. Our aim is to provide people with good and comfortable housing again quickly and restore nearby infrastructure. We would also like to offer housing to non-LEG-customers. We would like to thank all customers for their patience and understanding. Although teams from various areas have provided last-minute support to our customer service, there may be waiting times for other issues at present.”

Affected customers who LEG has not yet been able to reach should please phone our hotline at 02 11 / 740 740-0 or e-mail service@leg-wohnen.de

About LEG

With around 145,000 rental properties and approximately 400,000 residents, LEG is one of Germany’s leading listed housing companies. The company has seven branch offices in its heartland in North Rhine-Westphalia and is
represented by local personal contacts at selected locations in other western German states.
LEG generated income of around EUR 861 million from its core rental and lease business in the 2020 financial year. As part of the new construction campaign it launched in 2018, LEG wishes to make a social contribution towards creating both privately financed and publicly subsidised housing and to build or acquire at least 500 new apartments per year from 2023 onwards.

Investor Relations contact:

Frank Kopfinger

Tel. +49 211 45 68-550

E-Mail: frank.kopfinger@leg-se.com

Press contact:

Nils Roschin

Tel. +49 211 45 68-506

E-Mail: nils.roschin@leg-wohnen.de

Disclaimer

This publication constitutes neither a solicitation to buy nor an offer to sell securities.
To the extent that we express forecasts or expectations or make forward-looking statements in this document, these statements can entail known and unknown risks and uncertainties. These statements reflect the intentions, opinions or current expectations and assumptions of LEG Immobilien SE. The forward-looking statements are based on current planning, estimates and forecasts, which LEG Immobilien SE has made to the best of its knowledge, but that are not a statement on their future accuracy. Actual results and developments can therefore differ materially from the expectations and assumptions expressed.

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