GAGFAH (Gemeinnützige Aktiengesellschaft für Angestellten-Heimstätten) was a Luxembourg-based realty company.[2] It owned a portfolio of more than 145,000 rental units in Germany, particularly concentrated in Dresden and Berlin.
Overview
Around 28% of the company was owned by various funds managed by the Fortress Investment Group.
The company was brought to the stock market in October 2006 through the sale of 20% of its shares at €19 per share, at the top of the €17-€19 price range quoted in its flotation prospectus[3].
For a while during the 2008 financial crisis GAGFAH's share price traded as low as €2 per share (down -89% on IPO price).
In 2015, GAGFAH merged with Deutsche Annington and was renamed Vonovia.[4]
As part of the merger terms, GAGFAH shareholders received five new shares in Vonovia and €122.52 in cash for every 14 GAGFAH shares, equating to a value of €20.39 per GAGFAH share based on Vonovia's €32.38 closing share price on 6th March 2015. In a subsequent tender offer a small number of outstanding GAGFAH shares were sold to Vonovia for €18.68 per share in cash[5].
External links
References
- Annual Report 2010 GAGFAH, retrieved 5 May 2011^
- GAGFAH about us retrieved 2008-01-11^
- Gagfah flotation prospectus, 6th October 2006^
- Merged Deutsche Annington and Gagfah named Vonovia Reuters, 19 March 2015^
- Vonovia SE Annual Report 2015^