JP Morgan Private Equity has announced that it has sold part of its stake in Terra Firma Deutsche Annington (the largest holding in the portfolio). Deutsche Annington is the largest investor in German real estate with almost 175,000 residential units. JP Morgan Private Equity acquired its stake in two chunks – one in 2006 and a much larger, much cheaper slug in 2008. They say they have made 2.76x their money on this investment to date.
The deal frees up €11.8m and leaves JP Morgan Private Equity with 75% of its investment now held directly