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Apollo closes in on €400m acquisition of WestImmo

Apollo Global Management, the US opportunity fund manager, is expected to complete its circa €400m purchase of Westdeutsche ImmobilienBank, the German property lending bank, by the end of July.
By James Wallace
June 23, 2011 | 1:00 P.M.

The sale by West LB, the German government-owned bank which owns WestImmo, will transfer a commercial property loan book of around 12bn to 15bn, comprising predominantly performing loans a smaller non-performing portfolio secured against a diverse European and US assets.

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