Deutsche Annington IPO Said to Be 80% Covered on Last Day

Deutsche Annington Immobilien SE, Germany’s largest residential landlord, has received demand for more than 80 percent of the shares being offered in a 1.1 billion-euro ($1.4 billion) initial public offering, according to a message sent to investors.

Books for the sale will close at 3 p.m. in London and more investors have indicated they will buy shares, according to the message obtained by Bloomberg News. Shares expected to be sold within their price range of 18 to 21 euros apiece, according to the message.

Deutsche Annington, the second German real estate company to list this year, is attempting to attract investors as market indexes are losing their gains. China money-market rates have reached a record, a sign of a cash squeeze, and the Federal Reserve recently said it may pare bond buying should the U.S. economy improve. The Stoxx 600 index had its first monthly loss in over a year in June.

HD Supply Holdings Inc. and CDW Corp., two U.S. companies backed by private-equity firms, had to price their IPOs below their original targets last month. Votorantim Cimentos SA, Brazil’s biggest cement producer, rescheduled a planned $3.7 billion IPO for September.

JPMorgan Chase & Co. and Morgan Stanley are leading Deutsche Annington’s IPO. Other managers include Bank of America Corp., Deutsche Bank AG, Societe Generale SA, Berenberg Bank, Commerzbank AG and Kempen & Co.

Before it's here, it's on the Bloomberg Terminal.