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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......................

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