Goldman Sachs Group sells 7 million shares of LEG Immobilien
Goldman Sachs Group Inc sold 7 million shares of LEG Immobilien. Proceeds from the share sale had reached EUR 289 million. The shares sold were owned by Whitehall Street Real Estate and co-investor Perry Capital. Whitehall Street Real Estate is a portfolio firm of Goldman Sachs. The shares carried a price tag of EUR 41.25 apiece. Goldman said the stake comprised 13% of the share capital of LEG Immobilien. The share sale was managed by Goldman.
According to Bloomberg, Goldman took LEG public in February. This was the largest IPO of a German real estate company. A total of 30.5 million shares were sold in the IPO with each share priced at EUR 44. Proceeds from the IPO reached USD EUR 1.3 billion. After the IPO, Whitehall's ownership stake was at 41% stake. Perry's ownership stake remaining in the German firm was at 9%. LEG is the second biggest property firm in terms of market value.
LEG Immobilien has a portfolio of 91,000 apartments located in North Rhine-Westphalia, Germany.
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