US private equity firm Cerberus Capital Management and Goldman Sachs' Whitehall vehicle have been given the green light by the Berlin Senate to IPO the GSW residential company.

US private equity firm Cerberus Capital Management and Goldman Sachs' Whitehall vehicle have been given the green light by the Berlin Senate to IPO the GSW residential company.

Cerberus and Whitehall Funds acquired Berlin's stake in GSW which owned 66,000 apartments and some commercial buildings for about EUR 2 bn in 2004. The private equity groups were given permission to IPO up to half of GSW.

But the Berlin Senate backed a revised proposal this week to allow them to float 100% of the company. Berlin's House of Representatives is expected to ratify the measure on 19 April.

Cerberus and Whitehall Fund are to pay Berlin EUR 30 mln for the right to carry out a full IPO of the company.