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Terra Firma-backed Deutsche Annington eyes July IPO

3 Jun 2013

real estate2_lrgPrivate equity firm Terra Firma-backed residential property group Deutsche Annington is reportedly planning a stock market flotation around July 4.

The Düsseldorf-based company – which is currently worth €4.1bn to €4.5bn – plans to sell a 20 per cent stake via the IPO, said Reuters, citing several people familiar with the process.

The IPO volume will certainly exceed €1bn, said one of the sources.

The report noted that companies tend to reveal their IPO plans about four weeks before the float, which means an announcement could come within the next few days.

Deutsche Annington completed its refinancing last November, which involved a €550m investment by its private equity owner.

The company has signed a binding lock-up agreement with the creditors of approximately 90 per cent of the debt.

Earlier in 2012 AltAssets reported that Deutsche Annington could be seeking an IPO in 2013.

Terra Firma has recently secured a new trial for its lawsuit alleging that Citigroup tricked it into overpaying for EMI Group.

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