Germany's Corestate to resume IPO plans -sources
19/07/2016 09:54
FRANKFURT, July 19 (Reuters) - German real estate investment
manager Corestate CCAG.F wants to resume plans for an initial
public offering (IPO) it scrapped in November and aims to go
public by the end of this year, sources told Reuters on Tuesday.
The Luxembourg-registered company, which invests the money
of its mainly Swiss clients in residential and commercial
property in Germany, Austria and Spain, last year suspended its
IPO plans citing difficult market conditions. urn:newsml:reuters.com:*:nFWN12X09G
Originally targeting the offering of shares worth 100
million euros ($110.64 million), Corestate co-founder Ralph
Winter is now considering issuing only a small number of shares
to business partners, sources told Reuters.
"It's about gaining a platform that allows Corestate to draw
fresh capital at a later stage if needed," one source said.
Corestate declined to comment.
Winter currently owns more than 90 percent of Corestate,
following a 28-percent share buyback from Swiss investor
Intershop ISN.S in early July.
($1 = 0.9038 euros)
(Reporting by Alexander Huebner; writing by Tina Bellon;
editing by Jason Neely)
((Tina.Bellon@thomsonreuters.com;))
Keywords: CORESTATE IPO/