- British Prime Minister seeks answers after soldier hacked to death |
- Global shares sink on U.S. stimulus pullback, Chinese growth fears
- RPT-Ford to close Australia auto plants
- British soldier hacked to death in suspected Islamist attack
- China factory activity shrinks for first time in seven months: flash PMI |
UPDATE 1-Deutsche Annington aims for IPO late 2013 - CFO
(Adds details, background)
FRANKFURT Oct 26 (Reuters) - Deutsche Annington could list shares on the stock market in late 2013, paving the way to become the first real estate group in Germany's blue-chip index , its chief financial officer said on Friday.
The initial public offering (IPO) will be used by Deutsche Annington's owner - private equity group Terra Firma - to reduce its stake in Germany's largest real estate company.
Companies with a free-float market capitalisation of about 5 billion euros ($6.5 billion) usually qualify for inclusion on the Dax index, and Deutsche Annington owns more than 210,000 flats with a total value of about 10 billion euros.
"It will be an IPO along the lines of that (of peer) GSW ," Deutsche Annington CFO Stefan Kirsten said, referring to the exit strategy of GSW's former owners Whitehall and Cerberus, which sold their stake in several steps.
"Terra Firma will likely, one after the other, place blocks of shares on the market," Kirsten said.
The finance chief declared that Deutsche Annington will post record operating profits t his year, beating 2011's 500 million euros.
The 51-year old manager, who industry experts expect to soon be elevated to the vacant chief executive post, added that the most pressing task for the company is the refinancing of 3.8 billion euros in commercial mortgage-backed securities that it is due to pay back next summer.
Kirsten said that he hopes the refinancing will be completed before the end of this year. The main holders of the securities are BayernLB, LBBW and Pimco. ($1 = 0.7716 euros)
(Reporting by Kathrin Jones, Writing by Arno Schuetze; Editing by David Goodman)
- Tweet this
- Share this
- Digg this