October 22, 2013 / 11:22 AM / 4 years ago

UPDATE 1-Goldman cuts stake in LEG Immobilien after share sale

* Shares placed at 41.25 euros

* Goldman Sachs and Perry sell after lock-up period expires

* LEG shares down 4.2 pct (Adds details, updates shares)

FRANKFURT, Oct 22 (Reuters) - Goldman Sachs and Perry Capital have cut their stakes in LEG Immobilien by selling shares worth 289 million euros, the first sale by the major shareholders since the German property group’s bourse debut this year.

After a sale of a combined stake of 13.2 percent, Goldman cut its share in LEG to around 29 percent, while Perry’s stake has fallen to around 7.7 percent.

Before the sale, Goldman had 40.85 percent and Perry 9.15 percent. LEG shares were down 3.8 percent at 41.9 euros at 1101 GMT, the biggest decliner in a German midcap index that was down 0.09 percent.

In January, Goldman and Perry, who at the time had 95 percent and 5 percent of LEG shares respectively, offered just over half the firm’s shares on the Frankfurt stock exchange at 44 euros each.

Goldman Sachs said on Tuesday 6.25 million of its LEG shares were placed, while 753,200 shares held by Perry were placed. ($1 = 0.7312 euros) (Reporting by Alexander Huebner; Writing by Ludwig Burger and Harro ten Wolde; Editing by Patrick Lannin)

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