German real estate firm LEG prepares for share listing

FRANKFURT Mon Jan 7, 2013 2:01am EST

FRANKFURT Jan 7 (Reuters) - German residential property group LEG said that it is planning to list its shares on the stock market in the first half of the year.

The Duesseldorf-based company said it has picked Goldman Sachs and Deutsche Bank as main advisers for the initial public offering (IPO). Berenberg Bank, Commerzbank , Erste Bank and Kempen will act as co-lead Managers.

The net asset value of its real estate portfolio was 2.37 billion euros ($3.09 billion) as per end-September 2012, LEG added.

Two people familiar with the situation told Reuters in December that LEG was planning an IPO early in 2013.

Goldman Sachs's investment fund Whitehall bought in 2008 LEG, which owns 91,000 residential apartments, from the German state of North Rhine-Westphalia.

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