News Column

JP Morgan Private Equity In Partial Exit From German Real Estate Firm

May 22, 2014

Samuel Agini

LONDON (Alliance News) - JP Morgan Private Equity Ltd Thursday said it has participated alongside other investors in a EUR585.0 million placing of shares it owned in real-estate company Deutsche Annington Immobilien Group through its investment in Terra Firma Deutsche Annington.

The 30 million placing, with each shares priced at EUR19.50, resulted in JP Morgan Private Equity receiving about EUR11.8 million in cash, representing a quarter of its position in Deutsche Annington Immobilien. It also received an in-kind distribution of Deutsche Annington Immobilien Group shares, representing the remaining 75% of its position.

The distribution is net of all carried interest, and JP Morgan Private Equity said it won't pay any carried interest or management fees on its direct investment in Deutsche Annington Immobilien going forward.

At the end of March, Deutsche Annington Immobilien was JP Morgan Private Equity's largest underlying company investment.

It initially gained exposure to Deutsche Annington Immobilien by investing EUR1.4 million in Terra Firma Deutsche Annington in 2006.

In 2008, JP Morgan Private Equity bought a larger investment in the same co-investment vehicle.

Deutsche Annington Immobilien is a German residential real estate company with about 174,300 residential units of its own and 26,800 apartments managed for other owners. It has about 3,000 employees.

JP Morgan Private Equity shares were quoted up 1.0% at 0.759p Thursday afternoon.

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Source: Alliance News

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