Deutsche Annington details cap hike plan for property buys

* Capital (Other OTC: CGHC - news) hike to help fund property acquisitions

* New shares issued could raise nearly 320 mln euros

* Shareholder Tera Firma to sell 11 mln shares

FRANKFURT, March 4 (Reuters) - Deutsche Annington on Tuesday said its sale of 16 million new shares in a capital increase to help fund property buys would also see shareholder Terra Firma sell 11 million shares of its holding in the German real estate group.

Deutsche Annington said in a statement the new and existing shares would be offered in an accelerated bookbuilding process to institutional investors, with JPMorgan and BofA Merrill Lynch acting as joint book runners for the placement.

Based on Deutsche Annington's closing price of 19.915 euros on Tuesday, the new shares could raise nearly 320 million euros ($439.8 million) for the group.

The total offer of up to 27 million ordinary shares would result in a free float of up to 25.7 percent on completion of the placement, Deutsche Annington said.

The capital increase follows the group announcing last week that it was spending 2.4 billion euros on German apartments to expand its presence in the north of the country.

It said it had agreed in principle to take over 30,000 residential units held by Vitus, owned by Blackstone (NYSE: BX - news) and private equity firm Round Hill Capital, for 1.4 billion euros.

It is also buying about 11,500 apartments managed by residential real estate firm DeWAG for about 970 million euros.