Varde and Deutsche sell 13.5 pct stake in Crest Nicholson
LONDON, Sept 18
LONDON, Sept 18 (Reuters) - Varde Management and Deutsche Bank have raised 108.6 million pounds ($172.7 million) from the sale of a 13.5 percent stake in British housebuilder Crest Nicholson.
The two groups said on Wednesday the shares were sold at 320 pence each, a 4.1 percent discount to Tuesday's closing price, before the overnight sale was launched by bookrunners Barclays and J.P. Morgan Cazenove.
Following the placing Varde continues to hold approximately 20 percent of Crest's issued share capital, while Deutsche Bank's stake was reduced to around 9 percent.
Crest Nicholson returned to the stock market in February this year in a listing which valued it at 553 million pounds.
Crest's shares were down 1.3 percent at 329.5 pence by 1020 GMT.
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