Goldman, Cerberus Exit GSW Immobilien

Golman Sachs and Cerberus have exited German property company GSW Immobilien, Reuters reported, by placing a 20% stake on Thursday. The firms sold 7.9 million shares at 22.18 euros a share, Goldman Sachs said in a statement on Friday.

(Reuters) Goldman Sachs and Cerberus have exited German property company GSW Immobilien AG by placing a 20 percent stake late on Thursday.

Archon Group Deutschland, an indirect subsidiary of Goldman Sachs, and Lekkum Holding B.V, funds advised by Cerberus, sold 7.9 million shares at 22.18 euros a share, Goldman Sachs said in a statement on Friday, confirming what a source had told Reuters earlier.

The placement was managed by Goldman Sachs through an accelerated bookbuilding offering. (Reporting By Alexander Huebner and Edward Taylor; Editing by Hans-Juergen Peters)