GSW Immobilien AG

EANS-News: GSW Immobilien AG /

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Financing, Stock Offerings (IPO)/Refinancing

Berlin (euro adhoc) - GSW successfully concludes long-term financing

Berlin, February 15, 2011 - Berlin-based residential real estate company GSW Immobilien AG ("GSW") today concluded the previously announced refinancing of its CMBS (Commercial Mortgage Backed Securities) loan with a volume of approximately EUR 890 million. The CMBS loan was repaid by new debt facilities with a volume of approximately EUR 875 million and from cash resources of the company. The new bilateral loan agreements with six leading banks, each with a volume ranging from EUR 50 million to EUR 215 million, bear an average interest rate of 4.18 percent. The maturities of the loans range from five to 32 years. The weighted, average term to maturity of the loans is more than eight years. These arrangements have enabled GSW to diversify its financing operations at attractive terms and conditions. With the conclusion of the refinancing, the overall average interest rate for GSW's liabilities amounts to approximately 3.7 percent. Andreas Segal, Chief Financial Officer of GSW, commented: "We are pleased that we have managed to ensure our long-term refinancing with these loan agreements at favorable terms and conditions. No further material liabilities are now due for refinancing until the year 2016. As a result, we have achieved planning security as well as the financial flexibility we need in order to further enhance the development of our company." The six banks with which bilateral loan agreements were entered into include Berlin Hannoversche Hypothekenbank, Deutsche Genossenschafts-Hypothekenbank, Deutsche Pfandbriefbank, Münchener Hypothekenbank and UniCredit Bank.

Bank Amount (EUR) Maturity (Years) Bank 1 215,000,000 5 Bank 2 210,000,000 6 Bank 3 200,000,000 10 Bank 4 150,000,000 7 Bank 5 50,000,000 5 Bank 6 50,000,000 32

Press contact: GSW Immobilien AG Thomas Rücker Charlottenstrasse 4, D-10969 Berlin Tel.:    +49. (0) 30. 25 34-13 32, E-mail: {thomas.ruecker@gsw.de}[HYPERLINK: mailto:thomas.ruecker@gsw.de]

GSW Immobilien AG is a leading privately-owned residential real estate company operating in Berlin, with an owned portfolio of approximately 48,800 apartments and a total residential floor space of 3.0 million square meters. In addition, a subsidiary of GSW manages approximately 16,000 residential units for third parties. GSW's strategy focuses on the long-term rental management of residential property via a systematic approach aimed at enhancing both customer satisfaction and operational efficiency. GSW was founded in 1924 and was acquired from the city of Berlin in 2004 by a syndicate of investors consisting of Whitehall Funds and subsidiaries of Cerberus Capital Management, L.P. As at December 31, 2009, the Company's property portfolio was valued at approximately EUR 2.6 billion.

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Contact: Kati Pohl Tel.: +49 30 25 34-13 40 E-Mail: Kati.Pohl@gsw.de

Branche: Real Estate
ISIN:      DE000GSW1111
WKN:        GSW111
Börsen:  Frankfurt / regulated dealing/prime standard
              Berlin / regulated dealing



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