UPDATE 1-German property company GSW shelves IPO

* GSW cites increased volatility in equity markets

* GSW bourse debut was scheduled for Friday

(Adds detail and background)

FRANKFURT, May 5 (BestGrowthStock) – German property company GSW
(GIBG.DE: ) has called off plans to float its shares on the stock
market amid concern about the turmoil on equity markets
triggered by Greece’s debt crisis.

“Since announcing its intention to float there has been
significantly increased volatility and uncertainty in global
equity markets,” the company said in a statement on Wednesday.

The bailout of Greece to prevent a broader debt crisis has
kept markets in check over recent weeks as investors fretted
over the fiscal health of highly indebted euro zone states.
[ID:nLDE64329P]

“Recent macroeconomic developments unrelated to GSW have
resulted in a significant deterioration of the capital market
environment,” it said, adding that it therefore had decided to
postpone its planned initial public offering (IPO).

It did not give a new date for its IPO.

GSW had planned to raise up to 491 million euros ($654
million) by offering shares for 15 euros to 18.50 euros each
until May 6. The bourse debut was set for May 7.

GSW was founded in 1924 by the city state of Berlin, which
sold it to a consortium of Goldman Sachs’s (GS.N: ) Whitehall fund
and Cerberus [CBS.UL] in 2004. Goldman and Cerberus had planned
to float up to 63 percent of GSW on the stock exchange.

Stock Today

(Reporting by Eva Kuehnen; Editing by Michael Shields)

UPDATE 1-German property company GSW shelves IPO