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Lone Star drums up interest for TLG Immobilien stock market float

26 Jun 2014

chartPrivate equity firm Lone Star is inviting banks to pitch for roles in the IPO of its commercial real estate group TLG Immobilien according to an online news report.

The float of the German company is set to take place in autumn this year, Reuters sources said. Berlin-based TLG declined to comment on market rumour.

US private equity firm Lone Star bought TLG from Germany’s Federal Ministry of Finance for €1.1bn in the biggest property deal in Germany in 2012.

Excluding debt, the ministry was set to receive proceeds of €594m.

TLG’s operations include the development of existing properties, acquisitions of high-yield real estate, and strategic sales of from its portfolio.

Its geographical focus includes the Baltic Sea coast, the Berlin metropolitan region with Potsdam and the core area of Central Germany.

Texas-based Lone Star Funds reportedly secured $5.7bn for its latest distressed debt vehicle with Securities Exchange Commission filings showing that as of May 2014 Lone Star Fund IX has secured just over $5.3bn via two vehicles. The fund has a $7bn target.

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