Sat, Oct 22, 2016
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

German property firm LEG completes IPO, brings Eur1.34bn ($1.82bn) to Goldman Sachs, Perry Capital

Friday, February 01, 2013

Benedicte Gravrand, Opalesque Geneva: - Germany’s first IPO of the year – and its largest within its property sector – was completed yesterday. LEG Immobilien AG raised around €1.3bn ($1.8bn), according to media reports, marketing 30.5 million shares at €44 each – a bit less than its net asset value of €44.8.

LEG’s market value is now at €2.33bn. The real estate firm owns 91,000 apartments in North Rhine-Westphalia, Germany’s most heavily populated state.

Today, the stock (ticker: LEG) started trading in Frankfurt at €44.50 at 8:19GMT, about 1% above the offer price, Reuters reports.

According to Bloomberg, Goldman Sachs, through its Whitehall Street Real Estate fund, acquired a majority stake in LEG for about €3.5bn in 2008. Perry Capital owns the rest – some reports say it is an 11% stake.

From selling around 57% of equity, the offering will bring €1.34bn to Goldman Sachs’ Whitehall Funds and Perry Capital, says Property Investor Europe.

Goldman Sachs is among the most active foreign investors in the German Real Estate sector, Bloomberg reports, as it is seeking to profit from a boom. Goldman's Whitehall Stree......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. Other Voices: Follow the advice of investment consultants - I think not[more]

    Mark Rzepczynski, Founding Partner, Chief Investment Officer AMPHI Research and Trading, writes on Harvest Exchange: Investment consultants are a force to the reckoned with in the pension world. They advise and drive many pension decisions around the globe. Consultants literally control trillion