German LEG raises 1.3 bn euros in largest property IPO

Shares in German property group LEG Immobilien began trading on the stock exchange Friday in the first stock market listing in Germany this year.

LEG Immobilien, which manages a portfolio of 91,000 rented flats and apartments around Germany, said in a statement it issued more than 30 million shares at a price of 44 euros ($59) in its initial public offering (IPO) on Thursday.

That raised more than 1.34 billion euros the group, making it the largest IPO ever in the real estate sector.

Just after trading started on Friday, the shares were slightly lower, changing hands at 43.82 euros.

spm/wai