November 22, 2017 / 9:08 AM / 24 days ago

German residential property developer Instone confirms eyes IPO

FRANKFURT, Nov 22 (Reuters) - German residential property developer Instone Real Estate confirmed that it is considering a stock market flotation to raise funds for growth.

“Jointly with our owner Activum SG we are examining various strategic financing options,” Instone said in a statement on Wednesday, adding that those could include an initial public offering or a private placement of shares.

The company is working with Deutsche Bank on the plans, people close to the matter had told Reuters in September.

Instone has been formed by a merger of Formart, a former unit of German builder Hochtief which Activum bought in 2014 for roughly 300 million euros ($353 million), and peer GRK.

Instone also said it has acquired property in Hamburg and Munich, boosting the its portfolio of real estate projects to 3.4 billion euros.

$1 = 0.8498 euros Reporting by Arno Schuetze; Editing by Maria Sheahan

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