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31 May 2012
Frankfurt am Main, Germany
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20 June 2012
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Romania's BSGP takes 54% in Deutsche Land, offers for Rutley
The AIM-listed Deutsche Land, which has a portfolio of some e560m in office and hotels in Germany, is to make a placing and subscription of ordinary shares that will, subject to approval of shareholders and the UK Takeover Commission, bring in the Romanian company Black Sea Global Properties as majority shareholder with 54% of its equity. Deutsche Land CEO David Maxwell told PFE that the investment, if it goes through in full, will cut loan to value on the portfolio to around 75% from the current 87%.