Berlin Senator Ulrich Nussbaum announced the agreement for thestock market listing," the senator was quoted as saying. The GSWowners will make a $40.2 million payment to the Berlin city-stateto compensate for deleting the 49% equity cap on an IPO containedin the original 2004 contract to buy the state-owned housingfirm.

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Cerberus and Whitehall are keen, in part or in full, to exitGSW, estimated to be worth some $804 million. GSW owns around50,000 apartments and manages another 20,000 for third parties, sothat a flotation would make it the second largest German housingcompany after GAGFAH, controlled by US-based Fortress Investments.The full float was approved because the owners were concerned thatan IPO of less than half would adversely impact the flotationprice.

AllanSaundersonis a managing editor of PropertyInvestor Europe and a contributor to GlobeSt.com.

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