EAA sells real estate management company WestFonds
Erste Abwicklungsanstalt (EAA) has agreed to sell its stake in WestFonds Immobilien-Anlagegesellschaft mbH (WestFonds) to HCI Capital AG. The publicly listed asset and investment management company and the EAA have signed the purchase agreement and plan to transfer the shares (closing) in August 2016. “The sale of our holding in WestFonds marks an important step towards further reducing the complexity of the EAA portfolio and swiftly completing the task of winding up the portfolio of the former WestLB,” said Matthias Wargers, Spokesman of the EAA Managing Board.
WestFonds is a specialist in managing closed-end real estate and endowment policy funds with almost 50 years of experience in this market. The company currently manages 17 funds serving approximately 12,000 investors. With this in mind, EAA particularly welcomes the fact that the buyer also possesses many years of experience in managing closed-end real estate funds within structures that will enable the company to continue providing services with the required degree of quality and reliability in the future.
In 2012, the EAA assumed its 94.9 per cent shareholding in WestFonds from what was the former WestLB and is now Portigon AG. After acquiring these shares, EAA implemented restructuring measures that ultimately facilitated the now successfully completed sale process. This disposal will have a positive effect on the long-term wind-up plan set out by the EAA.