FRANKFURT, July 10 German real estate group
Gagfah has set the price for shares in a placement
aimed at raising capital to cut debt at 8.85 euros ($11.32)
apiece, two sources familiar with the transaction said on
The price was fixed at the bottom of a 8.85 to 9.15 euros
range, they said.
Gagfah unveiled plans for the placement on Tuesday, which
also allows majority owner Fortress to reduce its stake
in the company.
The transaction has a volume of 354 million euros. Roughly
half of the shares on offer stem from existing treasury shares
or new shares, while the other half are shares owned by