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LEG Drops After Goldman Sachs Sells Most of Remaining Shares

Jan. 23 (Bloomberg) -- LEG Immobilien AG, Germany’s fourth-largest property company by market value, fell the most in about two months after its biggest shareholder sold almost all of its stake.

Saturea BV, controlled by Goldman Sachs Group Inc.’s Whitehall Street Real Estate property funds, divested 15.2 million shares at 42.50 euros each, Goldman said in a statement today. That represents a 25.7 percent stake and leaves the funds with about 0.5 percent of the shares, the New York-based company said.

LEG dropped as much 2.4 percent in Frankfurt, the most since Nov. 27. The shares were down 0.9 percent at 43.41 euros at 11:38 a.m. That gave the company a market value of about 2.3 billion euros ($3.1 billion).

Goldman Sachs, which bought LEG for about 3.5 billion euros including debt in 2008, has been one of the most active foreign investors in German property. The FTSE EPRA/Nareit index of the country’s real estate stocks has gained 83 percent in the past five years.

LEG, based in Dusseldorf, owns about 91,000 apartments in North Rhine-Westphalia, Germany’s most populous state. Goldman Sachs and co-owner Perry Capital sold shares in LEG in an initial public offering last year, raising 1.3 billion euros.

To contact the reporters on this story: Andrew Blackman in Berlin at; Dalia Fahmy in Berlin at

To contact the editor responsible for this story: Andrew Blackman at

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