Lone Star's TLG expects to raise €450m from listing

US private equity group Lone Star is to put the strength of the German real estate market to the test by listing commercial property firm TLG.

Despite indications the market may be cooling down TLG said it expects to raise around €450 mln when it lists on 24 October, with at least €100 mln to spend on new acquisitions.

‘We will use the primary IPO proceeds to support future growth through accretive acquisitions and and value-enhancing investments,’ said Niclas Karoff, the MD of TLG.

The company, which is part-owned by Lone Star, is focussed on office and retail assets in Berlin and Eastern Germany.