Reuters: Regulatory News: WestLB to move property unit to bad bank

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WestLB to move property unit to bad bank Apr 16th 2012, 12:30 DUESSELDORF, Germany, April 16 | Mon Apr 16, 2012 8:30am EDT DUESSELDORF, Germany, April 16 (Reuters) - Ailing German lender WestLB will move the assets of its real estate finance affiliate Westimmo into its "bad bank" after talks to sell the unit failed. "Westimmo is part of the 100 billion euros ($131 billion)" of assets WestLB plans to shift to the bad bank dubbed Erste Abwicklungsanstalt (EAA), EAA co-head Matthias Wargers said on Monday. Exclusive talks to sell WestImmo to private equity investor Apollo Global Management failed in December. WestLB had hoped a successful sale would preserve the jobs of Westimmo's 470 employees but said at the time that a sale to Apollo was "economically unjustifiable". WestLB is owned by the German state of North Rhine-Westphalia and local savings banks. EAA will take over on June 30 all assets that have not been successfully sold or taken over by WestLB's successor core bank, called Portigon, which specialises in service and portfolio management.

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