* Capital hike to help fund property acquisitions
* New shares issued could raise nearly 320 mln euros
* Shareholder Tera Firma to sell 11 mln shares
FRANKFURT, March 4 Deutsche Annington
on Tuesday said its sale of 16 million new shares in a capital
increase to help fund property buys would also see shareholder
Terra Firma sell 11 million shares of its holding in
the German real estate group.
Deutsche Annington said in a statement the new and existing
shares would be offered in an accelerated bookbuilding process
to institutional investors, with JPMorgan and BofA Merrill Lynch
acting as joint book runners for the placement.
Based on Deutsche Annington's closing price of 19.915 euros
on Tuesday, the new shares could raise nearly 320 million euros
($439.8 million) for the group.
The total offer of up to 27 million ordinary shares would
result in a free float of up to 25.7 percent on completion of
the placement, Deutsche Annington said.
The capital increase follows the group announcing last week
that it was spending 2.4 billion euros on German apartments to
expand its presence in the north of the country.
It said it had agreed in principle to take over 30,000
residential units held by Vitus, owned by Blackstone and
private equity firm Round Hill Capital, for 1.4 billion euros.
It is also buying about 11,500 apartments managed by
residential real estate firm DeWAG for about 970 million euros.