Threshold reached on October 26
The EQS announcement identifies October 26, 2026, as the date Goldman Sachs crossed or reached the reporting threshold. It lists two grounds for the disclosure: the acquisition or disposal of instruments, and a voluntary group notification prompted by a threshold being triggered at the subsidiary level.
Goldman Sachs is registered in Wilmington, Delaware. The announcement for Düsseldorf-based LEG was distributed on October 30 at 16:17 CET/CEST and states that the issuer alone is responsible for its contents.
GCP's separate investment in LEG
The disclosure follows Grand City Properties S.A.'s announcement on October 20 that it had bought 20.04% of LEG. That investment made GCP, a subsidiary of Aroundtown SA, the residential landlord's largest shareholder.
GCP left open several options for the position, depending on market conditions: opportunistic purchases that could bring its holding to as much as 29.9%, a reduction, or a sale. It also said it would not exercise the associated voting rights before securing the necessary approval from Germany's Federal Cartel Office.
Aroundtown expects the investment to increase its pro-rata FFO I by about 15%. It cited an FFO I yield above 13% on LEG shares and said their substantial discount to book value could permit a significant one-time, non-cash profit under IFRS. The equity attributable to the acquired holding had a book value of approximately €1.8 billion as of June 2026.
Including Aroundtown's proportional share of LEG, residential property becomes its largest asset segment, representing 42% of the portfolio. The broader living segment increases from 53% to nearly 60%.
LEG's rental business
LEG operates through eight regional branches across Germany, managing roughly 171,000 rental apartments that house an estimated 500,000 people. Its rental income before service charges totaled about €920 million in 2025, with average rent around €7 per square meter.
