GSW may spark property IPOs

German real estate company GSW Immobilien will raise as much as 800 million euro in an initial public offering. Other real estate IPOs are expected to follow as the industry stabilizes. In 2008, GSW had rent revenue of 190 million euro, net income of 107.7 million euro, debt-to-equity ratio of 40.3%, and a property portfolio value of 2.5 billion euro.