Gleiss Lutz has advised GSW Immobilien AG on the successful issue of unsubordinated, unsecured convertible bonds for an aggregate nominal amount of EUR 182.9 million.
The bonds are convertible into approximately 5.1 million new ordinary bearer shares of GSW Immobilien AG. The pre-emptive right of its shareholders to subscribe to the convertible bonds was excluded. The 7-year bond matures in November 2019 and has an annual coupon of 2.0 per cent. The initial conversion price is EUR 36.205, corresponding to a premium of 22.5 per cent above the reference price. Deutsche Bank AG and Société Générale Corporate & Investment Banking acted as Joint Bookrunners and Joint Lead Managers for the transaction.
GSW Immobilien AG is a leading privately-owned residential real estate company operating in Berlin, with a portfolio of approximately 52,100 residential apartments. As of 31 December 2011, the company's property portfolio was valued at approximately EUR 2.9 billion.
GSW Immobilien AG was assisted by a team of Gleiss Lutz lawyers: Dr. Stephan Aubel (lead, partner), Dr. Kai Arne Birke (partner) and Alexander Gebhardt (all capital markets, Frankfurt) advised on capital market aspects of the transaction, while Peter Steffen Carl (partner, corporate, Munich) advised on the related corporate issues, including the company’s shareholders’ meeting.
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