EANS-Adhoc: GSW Immobilien AG resolves capital increase

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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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17.04.2012

Berlin, April 17, 2012 - The management board of GSW Immobilien AG,
with the approval of the supervisory board today resolved a capital
increase against cash contributions with shareholders´ indirect
subscription rights. The Company´s share capital shall be increased
through the exercise of the existing authorised capital from EUR
41,052,630 by EUR 9,473,684 to EUR 50,526,314 against cash
contributions through the issue of 9,473,684 new no par value bearer
shares. The new shares carry full dividend rights as of January 1,
2011.

The new shares will be offered to shareholders for indirect
subscription at a

ratio of 13:3 at a subscription price of EUR 21.30 per new share. 13 existing
shares of GSW Immobilien AG entitle the holders to subscribe for 3 new
shares. Subject to the approval of the prospectus by the German Federal
Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht - BaFin) and the publication of the approved
prospectus, the subscription period is expected to begin on April 19, 2012 and
end on May 2, 2012. Any new shares not subscribed for by the end of the
subscription period will be offered by way of a private placement.

Subject to the approval and publication of the prospectus, the subscription
rights (ISIN DE000GSW1129 / WKN GSW112) for the new shares will be traded
during the period from April 19, 2012, up to and including April 27, 2012, on

the regulated market (regulierter Markt) (XETRA Frankfurt Specialist)
of the Frankfurt Stock Exchange. The Company´s existing shares
will be quoted as ex- subscription rights (ex-Bezugsrecht); this
quotation will commence on April 19, 2012. The new shares are
expected to be included in the existing quotation for the Company's
listed shares in the sub-segment of the regulated market with
additional post-admission obligations (Prime Standard) on the
Frankfurt Stock Exchange and on the regulated market of the Berlin
Stock Exchange on May 3, 2012.

The Company expects to receive gross proceeds from the capital
increase of approximately EUR 201.8 million. The Company intends
to use the net proceeds of EUR 190.3 million of the offering for
future acquisitions and to optimise its strategic and financial
flexibility.

The Company has agreed to a lock-up period of six months, and the
Company´s management board and Dr Jochen Scharpe, a member of the
Company´s supervisory

board, subject to certain exceptions have agreed to a lock-up period of three
months. These lock-up periods begin after the start of trading in the new
shares.

With respect to the commencement of the subscription period on April 19, 2012
and all dates thereafter, it is assumed that the subscription offer will be
published in the electronic version of the German Federal Gazette

(elektronischer Bundesanzeiger) on April 18, 2012. Should this
publication only be possible on April 19, 2012, the subscription
period will begin on April 20, 2012 and all dates thereafter
will be postponed by one day.

This announcement does not contain or constitute an offer of,
or the solicitation of an offer to buy or subscribe for,
securities to any person in Australia, Canada, Japan, or the
United States of America or in any jurisdiction to whom or in
which such offer or solicitation is unlawful. The securities
referred to herein may not be offered or sold in the United States
of America absent registration under the U.S. Securities Act of
1933, as amended (the "Securities Act") except pursuant to an
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 of America.

This announcement is not a prospectus. Investors should not
purchase or subscribe for any shares referred to in this
announcement except on the basis of information in the prospectus
to be issued by the company in connection with the offering of
such shares. Copies of the prospectus will, following approval
of the German Financial Supervisory Authority (BaFin) and
publication, be available free of charge from GSW
Immobilien AG, Charlottenstr. 4, D-10969 Berlin, Germany or on
GSW Immobilien AG´s website (www.gsw.de).

Further inquiry note:
Sebastian Jacob
Tel.: +49 30 2534 1882
Fax: +49 30 2534 233 1960
E-Mail: ir@gsw.de

end of announcement euro adhoc
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issuer: GSW Immobilien AG
Charlottenstr. 4
D-10969 Berlin
phone: +49 30 68 99 99 0
FAX: +49 30 68 99 99 999
mail: kundenservice@gsw.de
WWW: http://www.gsw.de
sector: Real Estate
ISIN: DE000GSW1111
indexes: MDAX
stockmarkets: regulated dealing: Berlin, regulated dealing/prime standard:
Frankfurt
language: English