GSW Immobilien AG, formerly Gemeinnützige Siedlungs- und Wohnungsbaugesellschaft Berlin mbH, is a German real-estate company in Berlin. The company invests in residential property and also manages residential and commercial property on behalf of third parties.
 | |
| Company type | Aktiengesellschaft |
|---|---|
| FWB: GIB | |
| Industry | Real estate |
| Founded | 1924 |
| Headquarters | Berlin, Germany |
Key people | Thomas Zinnöcker (CEO and chairman of the management board), Eckart von Freyend (Chairman of the supervisory board) |
| Products | Investments in residential property, management of commercial property |
| €101.5 million (2010)[1] | |
| €49.3 million (2010)[1] | |
| Total assets | €2.682 billion (end 2010)[1] |
| Total equity | €976.4 million (end 2010)[1] |
Number of employees | 570 (FTE, end 2010)[1] |
| Website | www.gsw.de |
History
editOriginally a company founded and owned by the city of Berlin, GSW was sold to a private equity consortium led by Cerberus Capital Management and Goldman Sachs' Whitehall fund in 2005. The company raised €468 million in an initial public offering on the Frankfurt Stock Exchange in April 2011,[2] the year after an IPO attempt failed due to market volatility.[3] Goldman and Cerberus retained an approximate 10% stake each in the company until 2012.[4][5]
GSW Immobilien was acquired by Deutsche Wohnen in 2013, which holds around 98.8 percent of the shares.[6]
GSW's Berlin headquarters was designed by Sauerbruch Hutton, for which they received a Stirling Prize nomination in 2000.
Criticism
editThe GSW is criticized by both the Senate of Berlin as well as several tenants initiatives for allegedly overcharging their tenants for operating costs while simultaneously not properly maintaining apartments in an attempt to maximize profits.[7] Since 2011 several tenants initiatives have been protesting against the housing policy of the GSW.
References
edit- ^ a b c d e "Annual Report 2010" (PDF). GSW Immobilien. Archived from the original (PDF) on 25 April 2012. Retrieved 19 November 2011.
- ^ Cox, Josie (14 April 2011). "GSW pricing for market debut at bottom of range". Reuters. Archived from the original on March 6, 2016. Retrieved 19 November 2011.
- ^ Chambers, Alex (10 May 2011). "EU package unlikely to rescue stalling IPO market". Reuters. Archived from the original on March 6, 2016. Retrieved 19 November 2011.
- ^ "Shareholder structure". GSW Immobilien. Archived from the original on 29 January 2012. Retrieved 19 November 2011.
- ^ M&A:January 13, 2012
- ^ Sheahan, Peter Dinkloh, Maria (2013-08-20). "Deutsche Wohnen makes $2.3 billion bet on Berlin property with GSW bid". Reuters. Retrieved 2021-03-22.
{{cite news}}: CS1 maint: multiple names: authors list (link) - ^ Kotti & Co tenants initiative
External links
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