August 22, 2013 / 4:49 PM / 4 years ago

GSW hires banks to advise on Deutsche Wohnen takeover bid-sources

FRANKFURT, Aug 22 (Reuters) - German residential landlord GSW Immobilien has hired three investment banks to advise it on a 1.8 billion euro ($2.4 billion) takeover offer from rival Deutsche Wohnen, two people familiar with the matter told Reuters on Thursday.

Goldman Sachs, Citigroup and Dutch bank Kempen are to provide an unbiased appraisal of the offer, assessing possible counter bids but not necessarily fending off Deutsche Wohnen‘s, the sources said.

“There is a certain logic in the transaction, after all. But details will have to be discussed,” one of the bankers involved said, speaking on condition of anonymity because the matter is confidential.

The acquisition would be Germany’s second-biggest residential real estate deal since Whitehall bought LEG Immobilien in 2008.

The approach was not agreed in advance with GSW’s management, which is depleted after a shareholder rebellion last month forced out GSW’s chairman and its chief executive.

GSW, which has said it would evaluate the offer, declined to comment. Goldman and Citi would also not comment. Kempen was not immediately available for comment.

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