March 20, 2019 / 8:21 AM / 3 months ago

German property firm Gateway launches share sale for new projects

FRANKFURT, March 20 (Reuters) - German real estate developer Gateway has launched a share sale to reap funds for project acquisitions and to repay existing debt, the company said on Wednesday.

The company is offering shares worth 191 million euros ($216.77 million) at 4 euros each in a so-called Re-IPO which will increase its free float to up to 26 percent from a current 0.5 percent.

After the deal, which is being organised by Credit Suisse and which had been flagged by Reuters last year, the company is targeting an equity valuation of 747 million euros.

$1 = 0.8811 euros Reporting by Arno Schuetze, editing by Louise Heavens

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