(Corrects to read 519 million in headline, paragraph 1)
FRANKFURT, Feb 2 (Reuters) - Instone Real Estate Group, a German residential property developer, said shares worth up to 519 million euros ($648 million) would be placed in its listing on the Frankfurt stock exchange, which it has scheduled for Feb. 15.
The placement will comprise 7 million new shares from a capital increase and 13.35 million shares from fund holdings by ActivumSG Capital Management Ltd at a price of 21.50 to 25.50 euros each, Instone said on Friday.
In addition, up to 3.05 million shares from ActivumSG have been earmarked for over-allotments.
$1 = 0.8012 euros Reporting by Maria Sheahan; editing by Jason Neely