Germany’s Aareal, Berlin Hyp join race for Westimmo


euro walletGerman property lenders Aareal and Berlin Hyp are reportedly preparing to bid for mortgage bank Westimmo, which could be valued at more than €300m.

Banking group Erste Abwicklungsanstalt (EAA), which is in charge of winding down th ecmpany’s assets, has picked several bidders to submit offers for Westimmo by the end of August, said Reuters, citing people familiar with the deal.

The company has also drawn interest from private equity firms Blackstone, KKR and Apollo.

One of Westimmo’s suitors, Blackstone, and fellow private equity firm GSO Capital Partners have recently bought more than four million shares from mall-focused Lamda Development.

The deal will give Blackstone 10 per cent of the company’s voting share capital.

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