German landlord LEG swings to $1.7 bln loss amid property crisis

LEG Immobilien SE

11/03/2024 06:43

FRANKFURT, March 11 (Reuters) - LEG Immobilien
 LEGn.DE , one of Germany's largest listed landlords, swung to a
$1.71 billion loss in 2023 as Europe's largest economy goes
through its worst real-estate crisis in decades, figures on
Monday showed.
    Its loss for the year was 1.565 billion euros ($1.71
billion), compared with net profit of 237.4 million in 2022. 
    "For LEG, the peak of the real estate crisis is behind us,"
Chief Executive Officer Lars von Lackum said in a statement.

($1 = 0.9143 euros)

 (Reporting by Matthias Inverardi; writing by Tom Sims)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))