WestLB Web Site - August 17, 2006
WestLB nal real AG and Sireo have completed the sale and leaseback of a portfolio of selected international buildings.
The transaction contains 11 properties in Germany, France, United Kingdom, Hong Kong, Italy, Turkey and Luxembourg. The majority of properties will be fully leased back by WestLB predominately for long-term.
“We are taking advantage of the strong demand for quality office space to sell these buildings and re-invest the capital in our core banking activities” said Klaus Michael Geiger, the board member responsible for this transaction in WestLB.
“We are taking advantage of the strong demand for quality office space to sell these buildings and re-invest the capital in our core banking activities” said Klaus Michael Geiger, the board member responsible for this transaction in WestLB.
The properties outside of Germany were acquired on behalf of the Sireo Immobilienfonds No. 4 SICAV managed by SIM Sireo Investment Management. The German properties were purchased by Sireo itself and shall be resold in the near future.
SIM Sireo Investment Management S.à r.L. is a 100 percent subsidiary of Sireo Real Estate GmbH and manages the fund activities from Luxembourg.
WestLB was advised by Cushman & Wakefield and Allen & Overy LLP.
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