Goldman Sachs’ Whitehall real estate funds and Cerberus Capital Management are seeking $187 million in an initial public offering for the German property company GSW Immobilien, according to a report by Bloomberg.
The Berlin-based joint venture plans to unload at least 49.9 percent of the stock after the IPO in a primary and secondary share sale. The amount to be raised from the secondary offering has yet to be confirmed.
The sale, which is scheduled for the second quarter, is being managed by Goldman Sachs and Deutsche Bank AG.
Whitehall and Cerberus purchased GSW from the city of Berlin for almost $2.6 billion in 2004.
GSW owns 49,700 residential properties comprising 33.4 million-square-feet and were valued at roughly $3.5 billion at the end of 2009, according to a company statement. GSW also manages another 17,000 residential properties.