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Stock Market & Financial Investment News

News Breaks
June 10, 2014
17:01 EDTFIGFortress announces sale of remaining stake in GAGFAH
Fortress Investment Group announced that it has agreed to sell its remaining stake in GAGFAH. As part of the offering, Fortress and its affiliates have agreed to sell 60.5M GAGFAH shares, which will generate total proceeds of approximately $986M. The transaction is expected to close on June 13. Including a secondary offering of GAGFAH shares completed in April, Fortress and its affiliates will have sold a total of approximately 90.5M shares in the second quarter for total expected proceeds of $1.4B. Fortressís Private Equity business formed GAGFAH in 2004 through a series of acquisitions and has built the company into one of the largest German listed owner-operators of residential real estate in Germany. Over the lifetime of Fortressís investment in GAGFAH, Fortress funds have realized proceeds of $3.8B on a total equity investment of approximately $2.9B.
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