GAGFAH foundation commences its work
- Foundation provides aid for projects geared at young people and the elderly across Germany
- GAGFAH facing up to its social responsibilities as a housing company
The GAGFAH foundation "People and Living" will begin providing support for projects in 2007. It will be supporting four projects at the GAGFAH sites in Bielefeld, Dresden, Essen and Hanover in 2007, for which it is making available a total of more than € 250,000.
Burkhard Ulrich Drescher, Chief Executive Officer of the GAGFAH GROUP and member of foundation's board of directors explains: "The foundation is aimed at providing support for projects related to aid for young people and the elderly in particular. We want to help people to feel even more comfortable in their familiar environment so that they can remain there as long as possible."
With this in mind, the foundation is providing support for social and cultural institutions and also cooperating closely with social organizations in the accommodations and residential settlements of the GAGFAH GROUP.
With regards to aid for the elderly, the foundation is in particular supporting projects that promote self-help. It is providing aid for drop-in centers and supporting the setting up of advisory bureaus geared specially to the needs of the elderly. Social workers based in the bureaus will provide help in dealing with public authorities and with solving the numerous minor problems faced by elderly people on a day-to-day basis. "This will enable the elderly to remain independent in their own homes for longer. By enabling all generations to live together and profit from the experience of other generations, we can make an important contribution to the advancement of living accommodation," says Mr. Drescher.
The GAGFAH GROUP founded the "People and Living" foundation at the end of 2006, making available foundation assets of € 5 mil.. The foundation has been set up exclusively for non-profit-making purposes with projects being financed by profits from the foundation assets. Contributions to the assets and donations to the foundation may be made and will increase the capacity for providing support.
"We are an accommodation company that is active throughout Germany and, as such, we view the home as a social good which also requires social actions. We feel we are obliged to provide this and for this reason we are taking on the social responsibility. Our comprehensive protective terms, which provide many benefits for our tenants, and the work of the "People and Living" foundation demonstrate that the group is keeping social aspects firmly within sight," stresses Mr. Drescher.
About GAGFAH S.A. and the GAGFAH GROUP
GAGFAH S.A. is a stock corporation with headquarters in Luxembourg. GAGFAH's core business segments are the ownership, management and purchasing of a geographically diversified and high qualitative housing portfolio throughout Germany. The most important subsidiaries of GAGFAH S.A. are GAGFAH GmbH, NILEG and WOBA DRESDEN. With a nationwide portfolio of over 168,000 rental apartments, GAGFAH is the largest housing company listed in Germany. GAGFAH achieves 95 percent of its revenues from leasing attractive residential space and lays claim to continuous improvement in its services. GAGFAH assumes corporate responsibility through special rules and regulations for lessee protection and through its corporate sponsorship of "Mensch und Wohnen", to name a few avenues.