Fortress Investment Agrees To Sell Remaining Stake In GAGFAH - Quick Facts

(RTTNews) - Fortress Investment Group (FIG) announced that it has agreed to sell its remaining stake in GAGFAH. As part of the offering, Fortress and its affiliates have agreed to sell 60.5 million GAGFAH shares, which will generate total proceeds of about $986 million.

The company said the transaction is expected to close on June 13, 2014. Including a secondary offering of GAGFAH shares completed in April, Fortress and its affiliates will have sold a total of approximately 90.5 million shares in the second quarter of 2014 for total expected proceeds of $1.4 billion.

Fortress's Private Equity business formed GAGFAH in 2004 through a series of acquisitions and has built the company into one of the largest German listed owner-operators of residential real estate in Germany. Over the lifetime of Fortress's investment in GAGFAH, Fortress funds have realized proceeds of $3.8 billion on a total equity investment of approximately $2.9 billion.