Hanseatic Group pulls out of GWB capital increase

German real estate company GWB Immobilien has announced that it has been informed Hanseatic Group no longer intends to invest in GWB by taking part in a capital increase.

Hanseatic Holding, part of Hanseatic Group, told GWB last week that its supervisory board had not approved the execution of the contracts concluded in May 2009 between Hanseatic and GWB.

A placement guarantee granted by Hanseatic Capital, a subsidiary of Hanseatic Holding, made in May 2009 in respect of up to 1.6 mln new GWB shares was subject to the approval of the supervisory board.

GWB said the completion of the capital increase through the authorised capital by up to EUR 1.6 mln and the issuance of up to 1.6 million new GWB no par value shares would go ahead despite the cancellation by the Hanseatic Group.