LEG Immobilien Drops After Goldman Sells Shares: Frankfurt Mover

LEG Immobilien AG fell the most in a month after Goldman Sachs Group Inc. and Perry Capital LLC sold 7 million shares in the residential landlord.

LEG dropped 3 percent to 42.28 euros, the biggest decline since Sept. 23. Goldman’s Whitehall Street Real Estate money manager and Perry Capital, which took LEG public in February, raised 289 million euros selling the shares to institutional investors for 41.25 euros each.

LEG, Germany’s second-largest property company by market value, had 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 a 9 percent stake. During the IPO, 30.5 million shares were sold at 44 euros each.

The shares have dropped about 3.9 percent since the IPO, while the EPRA/FTSE Nareit Index of German property stocks has declined by 2.2 percent.

LEG, based in Dusseldorf, owns about 91,000 apartments in North Rhine-Westphalia, Germany’s most populous state. The stock sale today was managed by Goldman and represents about 13.2 percent of the company’s share capital.

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