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German property group GSW plans IPO in Q2

Mon, 21st Mar 2011 22:52


FRANKFURT, March 21 (Reuters) - German property group GSW said it planned
to float shares on the stock exchange in the second quarter, taking a second stab at a public listing.

GSW said late on Monday it plans to use proceeds from the issue, in which it aims to list shares both in Frankfurt and Berlin, to finance purchases of apartments in Berlin as well as to pay off taxes.

The announcement comes only hours after the owners of Hapag-Lloyd postponed a decision on floating the container shipping group, citing an uncertain market environment after a Japanese nuclear crisis added to existing concerns about unrest in the Middle East, roiling stock markets.

Several planned IPOs have been called off or delayed as volatile markets spooked investors. Private equity firm Apollo Global Management LLC decided to lower its price range for its IPO.

GSW shelved its initial public offering (IPO) plans in May last year amid concern about the turmoil on equity markets triggered by Greece's debt crisis.

GSW was founded in 1924 by the city state of Berlin, which sold it to a consortium of Goldman Sachs's Whitehall fund and private equity firm Cerberus in 2004.

Deutsche Bank and Goldman Sachs have been mandated as joint global coordinators und joint bookrunners for the IPO. Berenberg Bank, Commerzbank, HSBC Trinkaus, Kempen und UniCredit are co-Lead managers, GSW said.

Goldman and Cerberus had originally planned to float up to 63 percent of GSW on the stock exchange, raising up to 491 million euros ($673 million).

Formula One team Williams Grand Prix Holdings listed in Frankfurt earlier this month, making it the third German IPO this year after bicycle maker Derby Cycle and software group RIB,

(Reporting by Maria Sheahan; editing by Carol Bishopric) Keywords: GSW/IPO ...... Keywords: GSW/IPO

(maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters Messaging: maria.sheahan.thomsonreuters.com@thomsonreuters.net)

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