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GSW Immobilien AG

EANS-News: GSW Immobilien AG /

Berlin (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Financing, Stock Offerings (IPO)/Refinancing
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.
end of announcement                               euro adhoc

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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