January 22, 2018 / 6:55 AM / 3 months ago

Instone Real Estate plans Frankfurt listing

FRANKFURT, Jan 22 (Reuters) - Instone Real Estate Group, a German residential property developer, said it planned to list its shares on the Frankfurt Stock Exchange this year.

The placement will comprise new shares from a capital increase with total gross proceeds of around 150 million euros ($183 million) as well as existing shares from fund holdings by ActivumSG Capital Management Ltd, it said in a statement on Monday.

The size of this placement is yet to be determined, it said, adding it planned to invest around two-thirds of the expected gross proceeds to acquire and develop new residential projects.

Sources had told Reuters earlier this month that Instone was targeting a flotation on the Frankfurt Stock Exchange in March.

$1 = 0.8182 euros Reporting by Maria Sheahan; Editing by Sherry Jacob-Phillips

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