LAXEY Partners, the activist investor headed by Colin Kingsnorth, has sold its entire stake of around eight per cent in Sirius Real Estate.
The Aim-list German property firm will announce this morning that it has placed around 25m shares owned and managed by Laxey, which at yesterday’s closing price were worth €0.24 (21p).
The Isle of Man-based hedge fund manager has been winding down its listed Terra Catalyst fund, which buys shares in underperforming property firms.
In October, it sold its 11.2 per cent shareholding in London developer Quintain. Laxey has also sold its holdings in Capital and Regional and self storage group Lok n Store.
Sirius, which owns and operates business parks for small businesses in Germany, has undergone a dramatic turnaround since a new management team was put in place two years ago. The business made a profit before tax of €3.9m in the first half of the year compared with €0.9m in the same period in 2011.
Kingsnorth told City A.M. yesterday the business was “well on the path to recovery.”