GSW Immobilien AG

EANS-News: GSW Immobilien AG purchases property portfolio with around 4,800 apartments in Berlin

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Company Information/Acquisition

Berlin (euro adhoc) - GSW purchases property portfolio with around 4,800
apartments in Berlin

    • Attractive addition to the existing housing stock
    • Acquisition targets from the IPO fulfilled early
    • Financing achieved with 34% equity

Berlin, 2 November 2011 - GSW Immobilien AG has acquired a property portfolio
comprising roughly 4,800 apartments from a subsidiary of GAGFAH S.A. The
purchase price for the portfolio, which is predominantly based in good
residential locations in Berlin, is approximately EUR330 million.

"The newly acquired portfolio makes an attractive addition to our existing
housing stock. Its positive effect is that it increases the average rent in our
overall portfolio and the additions expand our previous location focuses in
Berlin in an optimal way," comments Jörg Schwagenscheidt, Management Board
member of the MDAX-listed property company and responsible for acquisitions.
"We are delighted that our promise to invest the EUR115 million from the IPO by
the end of next year has therefore been fulfilled early," adds Schwagenscheidt.

The majority of the roughly 4,800 apartments are located in good to medium
locations in Kreuzberg (35%), in Zehlendorf, Charlottenburg and Potsdam
(approximately 39%), and in Spandau (26%). Roughly two-thirds of the buildings
were constructed in the 1960s, with the others originating from the 1920s (18%)
and 1950s (18%).

"The housing stock, most of which has been owned by GAGFAH only since 2007, has
been well maintained," continues Jörg Schwagenscheidt. The quality of the
portfolio is also reflected in the figures: the average actual rent across all
apartments is currently around EUR5.58 per square meter per month, with a
rate of just 2.8%. "This means that the average rent is higher than the Berlin
rent index average of EUR5.21 per square meter per month," explains
Schwagenscheidt. In the first half of the year (as of 30-Jun-2011), net cold
rent of GSW´s housing portfolio averaged EUR4.94 per square meter.

These key data also have an impact on GSW´s overall result. "We expect the
current new acquisition to make a long-term positive contribution to our
results," forecasts Schwagenscheidt.

GSW also negotiated the financing for the new housing portfolio with the
relevant banks at satisfactory conditions. Equity accounts for a share of
around 34%.

GSW Immobilien AG
Charlottenstrasse 4, 10969 Berlin, Germany

Press                                        Investor Relations
Thomas Rücker                                Sebastian Jacob
e-mail:                   e-mail:
Tel.: +49. (0) 30. 25 34-13 32                    Tel.: +49. (0) 30. 25 34-18
Fax:  +49. (0) 30. 25 34-19 34                    Fax:  +49. (0) 30. 25 34-19

About GSW

Founded in 1924, GSW Immobilien AG is a leading private residential property
company in Berlin with a portfolio of around 48,600 residential units and total
residential space of 3.0 million m². A subsidiary of GSW also manages around
16,500 residential and commercial units for third parties. GSW´s corporate
strategy is geared towards the long-term management of rented apartments, using
a systematic approach intended to enhance customer satisfaction and operational
efficiency. As at 31 December 2010, the company´s property portfolio was valued
at around EUR2.6 billion.

Further inquiry note:
René Bergmann
Tel.: +49 30 2534 1362
Fax: +49 30 2534 1909

end of announcement                               euro adhoc 

company:     GSW Immobilien AG
             Charlottenstr. 4
             D-10969 Berlin
phone:       +49 30 68 99 99 0
FAX:         +49 30 68 99 99 999
sector:      Real Estate
ISIN:        DE000GSW1111
indexes:     MDAX
stockmarkets: regulated dealing/prime standard: Frankfurt, regulated dealing:
language:   English

Weitere Meldungen: GSW Immobilien AG

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