Listed Berlin residential property investor GSW has unveiled plans to raise EUR 200 mln through a share offer to fund new acquisitions. GSW is offering 9.5 million shares at EUR 21.50 per share to its existing shareholders.
Listed Berlin residential property investor GSW has unveiled plans to raise EUR 200 mln through a share offer to fund new acquisitions. GSW is offering 9.5 million shares at EUR 21.50 per share to its existing shareholders.
The company's shares were priced at EUR 24.68 late on Thursday.
GSW expects to receive gross proceeds from the capital increase of approximately EUR 202 mln from the share offer. It intends to use the net proceeds of EUR 190 mln for future acquisitions and to 'optimise its strategic and financial flexibility'.
Thomas Zinnöcker, CEO of GSW: 'Our business model combines sustainable growth with an attractive dividend policy. After the successful acquisition of 4,800 apartments in the fall of last year, the capital increase becomes a basis for further acquisitions. We are currently seeking promising growth opportunities'.
GSW is one of the largest residential property companies in Germany. It has a portfolio of 53,000 residential units and manages a further 17,000 residential and commercial real estate units for third parties.
