LEG shares start trading above offer price

FRANKFURT Fri Feb 1, 2013 3:24am EST

FRANKFURT Feb 1 (Reuters) - Shares in German real estate group LEG rose in the first minutes of trading following their debut on the Frankfurt stock exchange, Germany's second-largest new listing in five years.

Shares started trading at 44.50 euros at 0819 GMT, about 1 percent percent above the offer price.

LEG's majority owner Whitehall, a Goldman Sachs investment fund, and 11 percent-owner Perry Capital together banked as much as 1.34 billion euros from selling 57.5 percent of the company's share capital.

Last year's initial public offering (IPO) of Telefonica Deutschland generated proceeds of 1.45 billion euros.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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