Clifford Chance has advised Westdeutsche ImmobilienBank AG (WestImmo) on the sale of all of its shares to Aareal Bank Group, Wiesbaden (Germany). A corresponding sale and purchase agreement was signed with the previous owner, Erste Abwicklungsanstalt AöR (EAA), Düsseldorf (Germany).

The purchase price amounts to EUR 350 million (subject to contractually agreed adjustments until the closing date). The transaction – which is subject to the approval of the respective authorities – is expected to be completed during the first half of 2015.

WestImmo specialises in commercial real estate financing. In addition to its headquarters in Mainz (Germany), the company also has offices in Münster (Germany), London, Madrid, New York, Paris and Warsaw. The properties financed by WestImmo include offices, retail outlets and shopping centres, hotels, logistics facilities, public institutions and housing properties. WestImmo is a wholly-owned subsidiary of EAA. The latter acquired the shares in WestImmo from Portigon AG (WestLB AG until July 2012) in August 2012.

The Clifford Chance team comprised partner Dr. Christof-Ulrich Goldschmidt, of counsel Prof. Thomas Gasteyer, senior associate Dr. Lars Laeger, associate Annette Petow (all Corporate) and senior associate Dr. Ines Keitel (Corporate/Employment), as well as partner Gerhard Dreyer (Tax), partner Dr. Marc Benzler and senior associate Michael Feyrer (both Regulatory) – all Frankfurt.