German real estate group LEG plans IPO - sources
FRANKFURT Oct 22 (Reuters) - German real estate group LEG is considering an initial public offering of shares in the coming months that could value the company at close to 5 billion euros ($6.54 billion), two people familiar with the situation told Reuters on Monday.
"Depending on the market climate, the second quarter of 2013 is certainly doable," one source said, adding that banks would be selected for a stock exchange listing by the end of this year.
Another said that an IPO first required a deal on refinancing the company's debt.
LEG owned roughly 90,000 residential apartments at the end of last year, which were valued at about 4.7 billion euros. The number of apartments in its portfolio make it larger than listed peer Deutsche Wohnen.
German competitor Deutsche Annington also is looking to float on the stock market, a banker familiar with the sector said: "This could speed up the process - whoever is first has a clear advantage."
Both LEG and its owner Goldman Sachs declined to comment.
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