Varde and Deutsche to reduce stakes in Crest Nicholson
LONDON, Sept 17
LONDON, Sept 17 (Reuters) - Varde Management and Deutsche Bank intend to sell a 13.5 percent stake in British housebuilder Crest Nicholson via an accelerated bookbuilding, they said on Tuesday.
The two groups said the sale would begin immediately and would be handled by Barclays and J.P. Morgan Cazenove.
After completion of the placing, the two groups said Varde would continue to hold approximately 20 percent, and Deutsche Bank around 9 percent, of the issued share capital of the company.
Crest Nicholson returned to the stock market in February this year in a listing which valued it at 553 million pounds ($879 million).
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