DUESSELDORF, Germany Aug 20 German 'bad bank'
Erste Abwicklungsanstalt (EAA), which has been tasked with
winding down assets of failed German lender WestLB,
said on Wednesday it expected interested parties to make
concrete offers for mortgage bank Westimmo.
EAA added that the call for bids follows a "satisfactory"
outcome of potential bidders' review of Westimmo's books.
Sources familiar with the deal told Reuters last month that
property lenders Aareal and Berlin Hyp were
among those eyeing Westimmo in a deal potentially worth more
than 300 million euros ($400 million).
Blackstone, KKR and Apollo have also
expressed their interest in the mortgage bank, the sources said
at the time.
Investors have been attracted to Germany's real estate
sector in recent months by the reliable income stream that
property projects typically offer and by higher yields than
those on German sovereign bonds. Investors are also betting on
rising property prices in Europe's largest economy.
(1 US dollar = 0.7529 euro)
(Reporting by Matthias Inverardi, writing by Jonathan Gould;
Editing by Ludwig Burger)