Berlin Senate Agrees to GSW Public Offering

BERLIN-The Berlin Senate has reached agreement with GSW Immobilien GmbH, part owned by Goldman Sachs’ Whitehall Funds and private equity group Cerberus, for it to move ahead with an initial public offering – also floating more than the originally agreed 49% of the company as early as May.

Berlin Senator Ulrich Nussbaum announced the agreement for the stock market listing,” the senator was quoted as saying. The GSW owners will make a $40.2 million payment to the Berlin city-state to compensate for deleting the 49% equity cap on an IPO contained in the original 2004 contract to buy the state-owned housing firm.