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31 May 2012
Frankfurt am Main, Germany
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20 June 2012
London
Aareal, Lone Star said among bidders for Germany's WestImmo real estate bank
The Wiesbaden-based Aareal Bank and US-based private equity fund Lone Star are among bidders for WestImmo, the real estate financier owned by German landesbank WestLB, which is required to divest the unit by the European Commission. WestImmo Chairman Peter Knopp declined to discuss the sale last week, when the bank announced net profit down 14% for 2009, mainly due to higher risk provisions. He said 2010 has begun well. (See upcoming PIE Editions for full story)