Goldman Sachs Group Inc., which took LEG Immobilien AG (LEG) public in February, raised 289 million euros ($395 million) by selling 7 million shares of the German landlord.
The shares, owned by Goldman’s Whitehall Street Real Estate and co-investor Perry Capital, were priced at 41.25 euros each, Goldman Sachs said in a statement today. The stake represents about 13 percent of LEG’s share capital, according to the statement. Goldman managed the sale.
LEG, Germany’s second-largest property company by market value, was sold in the biggest initial public offering of a German real estate company. Goldman raised 1.3 billion euros in the deal, which left Whitehall with 41 percent of the shares and Perry with 9 percent.
LEG fell as much as 5.2 percent in Frankfurt trading. There shares were down 4.6 percent to 41.56 euros at 11:27 a.m. They’ve have dropped about 5.6 percent since the IPO, while the EPRA/FTSE Nareit Index of German property stocks has slid 1.3 percent.
During the IPO, 30.5 million shares were sold at 44 euros each.
LEG, based in Dusseldorf, owns about 91,000 apartments in North Rhine-Westphalia, Germany’s most populous state.
To contact the editor responsible for this story: Andrew Blackman at email@example.com