GSW Immobilien has raised net proceeds of EUR 190 mln from a capital increase. Existing shareholders of the listed Berlin-based residential property company purchased almost all of the 9.5 million shares offered at EUR 21.3 per share. The gross proceeds came to EUR 201 mln.
GSW Immobilien has raised net proceeds of EUR 190 mln from a capital increase. Existing shareholders of the listed Berlin-based residential property company purchased almost all of the 9.5 million shares offered at EUR 21.3 per share. The gross proceeds came to EUR 201 mln.
The remaining new shares, just 0.28% of the total offered, were sold on the stock exchange.
GSW chairman Thomas Zinnöcker said the net proceeds will be used for future acquisitions and to optimise the company's strategic and financial flexibility.
'The successful placement and the wide acceptance by our shareholders show that the capital market appreciates the stability and continuity of GSW's business model,' Zinnöcker said. 'Our business model combines sustained growth with an attractive dividend policy. The additional equity capital enables us to further advance this strategy and to let our shareholders participate in the company's performance.'
Berenberg Bank, BofA Merrill Lynch and Deutsche Bank acted as joint global coordinators and joint bookrunners in the capital increase. Kempen & Co. and UniCredit Bank acted as joint lead managers in the capital increase.
At end-December 2011, GSW Immobilien’s property portfolio was valued at EUR 2.9 bn.
The company owns 53,000 apartments in the German capital, and a subsidiary manages 17,500 residential units for third parties.
