Pursuits
Fortress Cuts Stake in Home Investor Gagfah to Less Than 50%
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Fortress Investment Group LLC cut its stake in Gagfah SA, the second-largest owner of German homes, to less than 50 percent as part of a transaction in which Gagfah also sold shares.
Fortress, a private-equity and hedge-fund manager, sold 20 million Gagfah shares to reduce its holding to 48.8 percent, according to a statement today. Gagfah sold 10.5 million treasury shares and 9.5 million new shares for 8.85 euros each, raising about 176 million euros ($226 million).