German residential company GSW plans a second attempt to list after refinancing €875m of debt that was to mature in August.
GSW, owned by Goldman Sachs and Cerberus, refinanced a €890m CMBS loan with cash and loans of €875m averaging eight years, provided by six banks, including LBB, HVB, Deutsche Pfandbriefbank, Muenchener Hypothekenbank and DG Hyp.
A spokesman for GSW said the refinancing put the company on a solid footing for a renewed attempt to list. “Market conditions are right and in the next few months we plan to start a flotation,” said the spokesperson.
Last May, Goldman Sachs and Cerberus attempted to raise €456m through an initial public offering of GSW shares on the Frankfurt Stock Exchange, in what would have been the largest post-downturn European property flotation. However, the sovereign debt crisis caused by the problems in Greece and Portugal knocked investor confidence and the IPO was pulled.
Berlin-based GSW is one of Europe’s largest residential property companies. It owns a portfolio of 48,800 residential units, primarily in Berlin, with a value of €2.6bn. In addition, it manages 16,000 residential units for others.
