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Deutsche Annington, Germany's largest property firm, kicked off a long-awaited up-to EUR 1bn IPO on Monday. Investors will be hoping that the seller leaves more on the table than in January's float of competitor LEG Immobilien, which has underperformed since pricing.
Deutsche Annington will sell EUR 400m of new shares to reduce its loan-to-value ratio, which now stands at 54%. Terra Firma, which holds 85.33% of the company, will sell further shares to take the free float to 25%.
Deutsche Annington's net asset value was EUR...