Deutshce Annington Immobilien SE is Germany's biggest residential landlord. The company announced postponement of its Eur1.1 billion initial public offering (IPO).
Annington is based in Bochum and planned to price the IPO yesterday. However, the IPO was postponed according to a statement stating that it was due to persistent adverse market conditions. The IPO was pulled out because of weak investor demand. This was according to sources that were familiar with the matter said yesterday before the statement was released. Terra Firma Capital Partners Ltd owns majority of Deutsche Annington.
The residential landlord initially sought to raise a total of Eur1.1 billion. It priced it shares at Eur18 to Eur21 per share piece. However, it was priced to the low end of that range because the demand fell weaker than expected.
JP Morgan Chase & Co. and Morgan Stanley were leading the offering. Other banks included in the deal were Bank of America Corp, Deutsche Bank AG, Societe Generale SA, Berenberg Bank, Commerzbank AG and Kempen & Co.
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