July 10, 2013 / 11:42 AM / 5 years ago

Gagfah prices new shares at bottom of range - sources

FRANKFURT, July 10 (Reuters) - 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 Wednesday.

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 Fortress.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below