Gagfah follows Annington with €354m block
Gagfah, the German residential property firm, launched a capital increase alongside a shareholder sell-down on Tuesday evening, following peer Deutsche Annington’s accelerated IPO which closed books on its offer just hours earlier.
Fortress Investment Group, Gagfah’s largest shareholder
with 61%, sold 20m shares in the offer and Gagfah issued 20m new shares, for a
total of 17% of the expanded share capital. It cut Fortress back to just under
50%. They will both have a 120 day lock-up.
The deal was launched on Tuesday,
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