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Terra Firma revives Deutsche Annington IPO with reduced target

9 Jul 2013

Having previously decided against floating German property group  Deutsche Annington due to adverse market conditions, private equity firm Terra Firma has revived the IPO, though with only ony half of its original target.

The company is offering 34.8 million shares at between €16.50 to €17.00, down from its original range of €18 to €21, Reuters reported. The offering could fetch as much as €592m, down from previous estimates of €1.2bn.

Earlier in 2012 AltAssets reported that Deutsche Annington could be seeking an IPO in 2013, with Terra Firma head Guy Hands aiming to return €3bn to investors within the next 12 to 18 months before launching a new fund.

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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