July 19, 2016 / 4:30 PM / 3 years ago

UPDATE 1-Sapinda set to sell newly acquired 19 pct Buwog stake at profit

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July 19 (Reuters) -

* Bookrunner Goldman Sachs says Sapinda Investment intends to sell up to 18.5 million shares in Austrian real estate group Buwog, representing around 18.6 percent of Buwog’s share capital

* Sapinda bought stake only last month from Austria’s Immofinanz for 19.00 euros ($20.92) per share - a total of around 352 million euros

* Buwog shares closed at 21.69 euros per share on Tuesday, which puts the stake’s value at around 401 million euros

* Sapinda intends to sell Buwog shares by way of an accelerated bookbuilding process, bookrunner says

* Following the transaction, Sapinda will have no residual shareholding in Buwog Further company coverage: ($1 = 0.9084 euros)

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