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German property developer Instone targets March IPO -sources

Reuters - UK Focus

FRANKFURT, Jan 12 (Reuters) - German residential property developer Instone Real Estate is targeting a flotation on the Frankfurt stock exchange in March, adding to a growing pipeline of spring listings in Germany, people close to the matter said.

The company is working with Morgan Stanley (Xetra: 885836 - news) , BNP (Paris: FR0000131104 - news) Paribas and Unicredit (EUREX: DE000A163206.EX - news) as bookrunners on the deal alongside global coordinators Deutsche Bank (IOB: 0H7D.IL - news) and Credit Suisse (IOB: 0QP5.IL - news) , the sources said.

Instone and the banks declined to comment or were not immediately available for comment.

The transaction, which may value the company at 700 to 800 million euros ($845-970 mln), joins Siemens (BSE: SIEMENS.BO - news) ' Healthineers unit and healthcare group Dermapharm, both of which plan to go public before Easter as well. ($1 = 0.8243 euros) (Reporting by Arno Schuetze and Alexander Hübner; Editing by Georgina Prodhan)