Monday 9 June 2014

Fortress looks to finally get out of Gagfah

It's just hit the tape that US private equity and hedge fund manager Fortress is placing its 27pc stake in German property company Gagfah. Deutsche Bank is doing the placing for Fortress, which bought Gagfah in 2004 for £2 billion.

I think I alluded to something being afoot with Gagfah a few weeks ago on Tip TV - - although not quite what has been announced this morning.

I had been told by good sources that Deutsche Annington, another German property company that was once owned by the mercurial dealmaker Guy Hands, might have been interested in buying Gagfah.

However, some of my sources now reckon the fact that Fortress has opted to place its 27pc Gagfah stake in the market implies there was/is no strategic buyer for the company willing to pay a premium for the whole business.


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