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Tuesday, Oct 22
Goldman cuts stake in German property firm
- There's more raising of cash at Goldman (GS) with the bank combining with Perry Capital to unload €289M worth of LEG Immobilien stock following the IPO of the German property management group earlier this year.
- The combined sale amounts to 13.2% of the company and brings Goldman's stake down to about 29% and Perry's to about 7.7%. LEG shares are off 3.8% in Frankfurt.
- Prior to the IPO, Goldman owned 95% of the company, but sold just more than half its stake to the public.