GAGFAH
From Wikipedia, the free encyclopedia
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.
| |
| Company type | Société Anonyme |
|---|---|
| FWB: GFJ | |
| Industry | Real estate |
| Founded | 1918 |
| Headquarters | Luxembourg City, Luxembourg |
Key people | Jonathan Ashley (Chairman), Thomas Zinnöcker (CEO) |
| Products | Investments in residential property |
| €348.3 million (2010)[1] | |
| €7.7 million (2010)[1] | |
| Total assets | €9.262 billion (end 2010)[1] |
| Total equity | €2.303 billion (end 2010)[1] |
Number of employees | 1,405 (FTE, average 2010)[1] |
| Parent | Reichsversicherungsanstalt für Angestellte German National Association of Commercial Employees  |
| Website | www.gagfah.com |
Overview
Around 28% of the company was owned by various funds managed by the Fortress Investment Group.[citation needed]
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].
