EANS-News: GSW Immobilien AG places shares at EUR 19.00

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Financing, Stock Offerings (IPO)

Berlin (euro adhoc) - GSW Immobilien AG places shares at EUR 19.00

* Issue volume including over-allotment amounts to EUR 468 million
* GSW generates gross proceeds of approximately EUR 115 million
* Trading starts on 15 April 2011

Berlin,14 April 2011 - GSW Immobilien AG ("GSW" or "Company"), the
leading private residential property company in Berlin, its selling
shareholders and the syndicate banks have set the issue price for the
offered shares at EUR 19.00 per share. A total of approximately 24.6
million shares were placed, including shares placed from the
over-allotment option. Trading on the Regulated Market (Prime
Standard) of the Frankfurt Stock Exchange and on the Regulated Market
of the Berlin Stock Exchange will start on 15 April 2011.

A total of 24,613,024 shares were placed, including 6,052,630 new
shares from a capital increase, 15,350,000 shares from the holdings
of selling shareholders and 3,210,394 shares from the holdings of
selling shareholders placed from the over-allotment option. The total
issue volume amounted to approximately EUR 468 million. The free
float will amount to approximately 60 percent after the placement
assuming full exercise of the over-allotment option. The number of
new shares was settled at the end of the offer period to the effect
that the Company generated gross proceeds of approximately EUR 115
million. In the context of the offer, all selling shareholders have
agreed to market protection agreements, i.e. a lock-up period of six
months after trading in the offered shares has started.

Thomas Zinnöcker, CEO of GSW: "We are delighted with the high demand
for our shares and the strong interest from the investors. We intend
to use the proceeds from the IPO to grow further and strengthen our
leading position in the Berlin residential property market. We plan
to consistently pay dividends of 65 percent of our funds from
operations (FFO) to enable our investors to appropriately participate
in the success of GSW."

Approximately 99 percent of the shares were placed with institutional
investors and approximately 1percent was placed with retail investors
in Germany and Luxembourg.

The shares of GSW Immobilien AG will start trading on the Regulated
Market (Prime Standard) of the Frankfurt Stock Exchange and on the
Regulated Market of the Berlin Stock Exchange on 15April2011 under
the stock symbol GIB. The international securities identification
number (ISIN) of GSW will be DE000GSW1111, the German security code
number (WKN) will be GSW111.

Media Relations
Thomas Ruecker
GSW Immobilien AG
Charlottenstrasse 4
10969 Berlin, Germany

Tel.: +49-30-25 34 13 32
Fax: +49-30-25 34 19 34
E-mail: thomas.ruecker@gsw.de

Investor Relations
Sebastian Jacob
GSW Immobilien AG
Charlottenstrasse 4
10969 Berlin, Germany

Tel.: +49-30-25 34 18 82
Fax: +49-30-25 34 19 09
E-mail: sebastian.jacob@gsw.de

About GSW 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 3.0 million square meters of
residential floor space. In addition, a subsidiary of GSW manages
approximately 15,800 residential units for third parties. GSW's
strategy focuses on the long-term rental management of residential
property via a systematic approach, which aims to increase customer
satisfaction and operational efficiency. The Company was founded in
1924, and was acquired in 2004 from the State of Berlin by holding
companies of Cerberus Capital Management, L.P. and the Whitehall
Funds. GSW employed approximately 597 employees on average in 2010.
As of December 31, 2010, the Company's property portfolio was valued
at approximately EUR 2.6 billion.

Disclaimer
This press release does not contain or constitute an offer of, or the
solicitation of an offer to buy or subscribe for, securities.

This press release does not contain or constitute an offer of, or the
solicitation of an offer to buy or subscribe for, securities in the
United States of America, Australia, Canada, Japan or in any
jurisdiction in which such offer or solicitation is unlawful. The
securities referred to herein may not be offered or sold in the
United States absent registration under the U.S. Securities Act of
1933, as amended (the "Securities Act") or another exemption from, or
in a transaction not subject to, the registration requirements of the
Securities Act. Subject to certain exceptions, the securities
referred to herein may not be offered or sold in Australia, Canada or
Japan or to, or for the account or benefit of, any national, resident
or citizen of Australia, Canada or Japan. The offer and sale of the
securities referred to herein has not been and will not be registered
under the Securities Act or under the applicable securities laws of
Australia, Canada or Japan. There will be no public offer of the
securities in the United States.

This press release is directed at and/or for distribution in the
United Kingdom only to (i) persons who have professional experience
in matters relating to investments falling within article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (the "Order") or (ii) high net worth entities falling
within article 49(2) (a) to (d) of the Order (all such persons are
referred to herein as "relevant persons"). This press release is
directed only at relevant persons. Any person who is not a relevant
person should not act or rely on this press release or any of its
contents. Any investment or investment activity to which this press
release relates is available only for relevant persons and will be
engaged in only with relevant persons.

end of announcement euro adhoc
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ots Originaltext: GSW Immobilien AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Sebastian Jacob
Tel.: +49 30 25 34- 18 82
E-Mail: sebastian.jacob@gsw.de

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