Lone Star chooses banks for flotation
Published 17/07/2014 | 02:30
Private equity investor Lone Star has chosen UBS and JP Morgan to handle a stock market listing of its German commercial real estate group TLG Immobilien, two people familiar with the situation said.
The buyout group is likely to launch the IPO later this year and could sell a stake worth €500m, the people added.
TLG Immobilien is worth about €1.5bn including debt, according to European property analysts.
TLG Immobilien and U.S.-based Lone Star as well as the banks declined to comment.
Lone Star bought TLG Immobilien, which manages about 800 in commercial properties, for about €1.1bn in 2012 from a government agency that organizes the privatization of east German companies in the wake of the reunification of Germany 14 years ago. Lone Star has been one of the biggest buyers of Irish assets since the crash. (Reuters)
Indo BusinessFollow @Indobusiness