May 18, 2018 / 7:27 AM / 3 months ago

RAG Foundation buys 4.5 pct of Pfandbriefbank shares in placement

FRANKFURT, May 18 (Reuters) - The RAG Foundation, a German public sector trust, bought a 4.5 percent stake in property lender Deutsche Pfandbriefbank from Hypo Real Estate (HRE) in a placement earlier this week, according to a filing by Pfandbriefbank (PBB).

State-owned HRE had placed around 22 million shares in PBB with institutional investors on Tuesday, raising around 287 million euros ($339 million) and cutting its stake in PBB to 3.5 percent from 20 percent.

It said at the time that a long-term institutional German investor snapped up 4.5 percent of PBB’s stock but did not name the buyer. ($1 = 0.8463 euros) (Reporting by Maria Sheahan Editing by Tom Sims)

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