Abu Dhabi Sells 6.6% Deutsche Annington Stake After Stock Climbs

Abu Dhabi Investment Authority sold its 6.6 percent stake in Deutsche Annington Immobilien SE, according to an e-mailed statement.

ADIA, the world’s second-biggest sovereign wealth fund, sold 23.5 million shares there were offered at 30.80 euros ($32.91) to market price each, according to a term sheet obtained by Bloomberg. Deutsche Annington is Germany’s biggest residential landlord, with 350,000 apartments in cities including Berlin and Dortmund.

Sovereign wealth funds are among the biggest investors in Germany’s housing sector. They have sought to take advantage of rising home prices and rents.

Deutsche Annington has gained 59 percent in the past year. The shares closed at 31.79 euros on Wednesday in Frankfurt.

Bank of America Corp. was the sole bookrunner on the share sale, the terms showed.

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