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Gateway Real Estate launches €191M share sale to increase free float

German property developer Gateway Real Estate AG launched a €191 million share sale priced at €4 per share to boost its free float to up to 26% from 0.5%, Reuters reported, citing the company.

Funds from the sale will be channeled toward project acquisitions and repayment of existing debt, the news outlet added.

The company will target an equity valuation of €747 million following the offering.

Credit Suisse is organizing the share sale, Reuters added.