Terra Firma sells 12.5% stake in Deutsche Annington

The GP offloaded 12.5% for €19.50 per share, equal to €585m for 30 million shares. Following the sell-off, Deutsche Annington's share price dropped to €19.75 each. However, at the time of writing the share price had recovered slightly, moving up to €20.66 each.

The private equity house held a 67.3% stake in Deutsche Annington following the company's IPO in July 2013. According to an announcement made by Terra Firma yesterday, the buyout house is now transferring its entire interest in the company to investors. More than 90% of shareholders have agreed to a 90-day lock-up period before the shares become available to all on the Frankfurt Stock Exchange.

According to Terra Firma chairman Guy Hands, the decision will allow current investors to buy or sell shares in Deutsche Annington as they wish.

Previous investment
Terra Firma first invested in Deutsche Annington in February 2001 in a €2bn deal. In July 2012, the GP injected a further €500m into the company as part of a restructuring plan for Deutsche Annington's €4.3bn debt pile.

Company
Deutsche Annington holds a commercial and residential real estate portfolio of 180,000 houses and apartments in Germany.

People
Tim Pryce is CEO at Terra Firma, Arjan Breure is financial managing director and Robbie Barr is operational managing director.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• DACH
• Terra Firma
• Germany
• IPO