Germany's GSW Immobilien said that it plans to go public with a listing of its shares on the Berlin and Frankfurt stock exchanges in the second quarter of the year.

The Berlin-based real estate company also said it will carry out a capital increase to finance future growth. GSW will use the proceeds of its planned capital increase to buy real estate in Berlin. Some EUR 40 mln is earmarked to repay tax liabilities.

Deutsche Bank and Goldman Sachs are joint bookrunners for GSW's IPO.

GSW, which is owned by financial investor Cerberus Capital Management and investment fund Whitehall, had originally aimed to launch the initial public offering in the first half of 2010, but postponed it citing 'significantly increased volatility and uncertainty in global equity markets'.

GSW's shares were planned to be offered in a price range between EUR 15 to EUR 18.50, at the time representing a discount of up to 30% on the company's estimated net assets. Altogether, the IPO had targeted proceeds of up to EUR 524 mln.

GSW comprises almost 50,000 apartments over 3.1 million m2 in Berlin, valued at around EUR 2.6 bn. It also manages an additional 17,000 apartments for third parties. State-owned from its inception in 1924, it was sold to Cerberus and Goldman Sachs' Whitehall funds in 2004, in a bid to reduce Berlin's debt.