Varde Management and Deutsche Bank had raised a total of GBP108.6 million. This was from the sale of a 13.5% stake in British housebuilder Crest Nicholson. The intended stake sale of Varde and Deutsche Bank was announced last Tuesday by Reuters.

On Wednesday, the two companies said the shares were sold at GBP0.320 each. This was a 4.1% discount to Tuesday's closing price prior to the overnight sale launched by the book running managers. JP Morgan Cazenove and Barclays Plc were appointed bookrunners for the said transaction.

Varde would continue to hold about 20% of Crest's issued share capital following the sale. Meanwhile, the stake of Deutsche Bank was reduced to approximately 9%.

The British house builder, Crest Nicholson went back to the stock market last February of this year. Crest's listing valued the company at GBP533 million.

Crest's shares took a plunge at 1.3% at GBP0.329 by 10:20 GMT today.