Goldman Sachs' Whitehall Funds and US hedge fund Perry Capital lightended up their holdings in Düsseldorf-based housing firm LEG Immobilien earlier this month in line with their lock-up arrangements when they raised €290m by selling a further 7 million shares or 13% of the outstanding equity. The Whitehall Funds had taken LEG public in a stock market flotation in February this year, the biggest-ever German property IPO.
The shares were priced at €41.25 euros each, below the flotation stock price of €44.00 in February. The IPO brought in €1.34bn for Goldman and co-investor Perry at the time, leaving Whitehall holding 41% and Perry 9%. Sine the flotation, the share price has dropped by about 5%. The former state-owned LEG Immobilien owns about 93,000 apartments in North Rhine-Westphalia, Germany’s most populous state, housing about 260,000 tenants.
