Deutsche Annington Immobilien SE continued with the initial public offering that is expected to rake in only US $763 million (Eur 592.4 million), a figure just half of the amount initially planned.
Deutsche Annington, which is Germany's largest residential landlord, proceeded with the deal after a week since it postponed the original sale. It originally wanted to raise Eur 1.1 billion.
"While the implementation of our operating strategy continues well on track, a successful IPO enables us to accelerate the diversification of our funding," Chief Executive Officer Rolf Buch said in a Bloomberg report.
The Bochum-based company, controlled by Guy Hands's Terra Firma Capital Partners Ltd., delayed the IPO scheduled last July 2 due to poor market conditions. People who are knowledgeable about the transaction claimed that the earlier plan failed because the "demand was not strong enough".
It currently employs 2, 400 individuals and owns over 180, 000 apartments.
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