* Listing price values whole company at 4 bln euros
* Offer period June 20 to July 2
* Shares to start trading on June 3
FRANKFURT, June 19 Deutsche Annington, Germany's
largest residential real estate company, plans to offer shares
in its planned stock market listing in a range of 18 euros to 21
euros each, valuing the whole company at least 4 billion euros
The majority owner of Deutsche Annington, private equity
company Terra Firma, plans to offer the stock from
June 20 to July 2 and the shares would start trading on June 3,
Deutsche Annington said on Wednesday.
Terra Firma is putting 27.4 million existing shares up for
sale, with the option to sell an additional 7.4 million shares,
the so-called "greenshoe", while Deutsche Annington is offering
22.2 million new shares.
Deutsche Annington, based in Bochum in western Germany,
plans to use the expected proceeds of some 400 million euros to
Germany's relative economic strength and low investment
yields in other asset classes, such as government debt, has
sparked a revival of interest in the property market.
LEG Immobilien was the first German property
company to list its shares this year, raising 1.3 billion euros
Deutsche Annington plans to pay out 70 percent of its
operating earnings as an annual dividend for the business year
2014. That is in line with analyst expectations.
For 2013 it will pay out a dividend comparable to other real
estate companies, it said.
Peers LEG and GSW Immobilien aim to hand out 65
percent of operating earnings, while Deutsche Wohnen
has a strategy to pay out 50 percent.