August 5, 2014 / 3:17 PM / 3 years ago

TAG Immobilien seeks buyer - German paper Handelsblatt

BERLIN, Aug 5 (Reuters) - German real estate company TAG Immobilien is up for sale, German business daily Handelsblatt reported, citing industry sources.

Chief Executive Rolf Elgeti is informally looking for a buyer for the group, Handelsblatt reported in an advance copy of an article to be published on Wednesday.

However, the paper also cited Elgeti as saying he was not currently holding definite talks.

“The situation today is that I am not holding concrete talks over a sale of TAG Immobilien,” he said.

“I have always said: I will not stand in the way of a good offer for shareholders,” the paper quoted him as saying.

TAG Immobilien’s portfolio comprises around 70,000 residential apartments. The company has a market capitalisation of around 1.16 billion euros.

Its shares were up 2.6 percent at 1510 GMT. (Reporting by Victoria Bryan; Editing by Erica Billingham)

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