August 5, 2014 / 5:16 PM / 3 years ago

UPDATE 1-Germany's TAG Immobilien seeks buyer - sources

(Changes sourcing, adds closing share price)

BERLIN/FRANKFURT, Aug 5 (Reuters) - The chief executive of German real estate company TAG Immobilien is looking for parties interested in buying the group, several banking sources told Reuters on Tuesday.

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

The paper 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.

The sources told Reuters that Elgeti has so far not found any interest.

TAG Immobilien’s portfolio comprises around 70,000 residential apartments. The company has a market capitalisation of around 1.16 billion euros. It was not immediately available for comment late on Tuesday.

Its shares closed up 4 percent at 9.15 euros. (Reporting by Kathrin Jones, Alexander Huebner, Arno Schuetze, and Victoria Bryan; Editing by Erica Billingham and Jane Merriman)

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