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Terra Firma struggles to fill Deutsche Annington IPO order book

2 Jul 2013

euro8_170sqPrivate equity-backed German real estate company Deutsche Annington has reportedly failed to fill the order book for its upcoming IPO.

Investors are “waiting in vain” to hear that the order book has been fill, a source familiar with the situation told Reuters.

Guy hands’ buyout firm Terra Firma, which owns a majority stake in Deutsche, has set a price range of €18 to €21 per share with the order book set to close today.

“You could place the shares for €17, but I’m not sure whether Terra Firma would agree to that,” another source told the agency.

Terra Firma hoped the IPO would fetch €1bn for a 25 per cent stake including €400m worth of new shares issued by the company.

Deutsche Annington completed its refinancing that included a €550m investment from Terra Firma last November.

Earlier in 2012 AltAssets reported that Deutsche Annington could be seeking an IPO in 2013, while the FT said in January that Guy Hands aimed 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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