GSW Immobilien

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GSW Immobilien AG
Type Aktiengesellschaft
Traded as FWBGIB
Industry Real estate
Founded 1924
Headquarters Berlin, Germany
Key people Thomas Zinnöcker (CEO and chairman of the management board), Eckart von Freyend (Chairman of the supervisory board)
Products Investments in residential property, management of commercial property
Operating income €101.5 million (2010)[1]
Profit €49.3 million (2010)[1]
Total assets €2.682 billion (end 2010)[1]
Total equity €976.4 million (end 2010)[1]
Employees 570 (FTE, end 2010)[1]
Website www.gsw.de
GSW Headquarters building in Berlin.

GSW Immobilien AG, formerly Gemeinnützige Siedlungs- und Wohnungsbaugesellschaft Berlin mbH, is a German real-estate company in Berlin. The company invests in residential property and also manages residential and commercial property on behalf of third parties.

Originally a company founded and owned by the city of Berlin, GSW was sold to a private equity consortium led by Cerberus Capital Management and Goldman Sachs' Whitehall fund in 2005. The company raised €468 million in an initial public offering on the Frankfurt Stock Exchange in April 2011,[2] the year after an IPO attempt failed due to market volatility.[3] Goldman and Cerberus retained an approximate 10% stake each in the company until 2012.[4][5]

GSW's Berlin headquarters was designed by Sauerbruch Hutton, for which they received a Stirling Prize nomination in 2000.

Critique over housing-policy[edit]

The GSW is criticized by both the Senate of Berlin as well as several tenants initiatives for allegedly overcharging their tenants for operating costs while simultaneously not properly maintaing apartments in an attempt to maximize profits.[6] Since 2011 several tenants initiatives have been protesting against the housing policy of the GSW.

References[edit]

  1. ^ a b c d e "Annual Report 2010". GSW Immobilien. Retrieved 19 November 2011. 
  2. ^ Cox, Josie (14 April 2011). "GSW pricing for market debut at bottom of range". Reuters. Retrieved 19 November 2011. 
  3. ^ Chambers, Alex (10 May 2011). "EU package unlikely to rescue stalling IPO market". Reuters. Retrieved 19 November 2011. 
  4. ^ "Shareholder structure". GSW Immobilien. Retrieved 19 November 2011. 
  5. ^ M&A:January 13, 2012
  6. ^ Kotti & Co tenants initiative

External links[edit]