UPDATE 1-Cerberus, Goldman Sachs place 8.2 mln GSW shares
* Deutsche Bank, Goldman bookrunners
(Adds background, bookrunners)FRANKFURT, Oct 13 - Goldman Sachs , Cerberus
and Goldman advised-Whitehall Funds have halved their stake in
German property company GSW Immobilien to 20 percent
by placing 8.2 million shares on the market, the investors said
on Thursday.The shares were placed at a price of 20.25 euros apiece,
which brings them total proceeds of just over 166 million euros
($229 million).The financial investors had floated GSW in April at a price
of 19 euros per share and at almost 470 million euros, it was
the largest initial public offering (IPO) in Germany this
year.Shares in Berlin-based GSW were up 0.4 percent at 21.09
euros at 0901 GMT.The placement was managed by Deutsche Bank (DBKGn.DE) and
Goldman Sachs as joint bookrunners through an accelerated
bookbuilt offering.
($1 = 0.725 Euros)
