WestLB Real Estate Unit Attracts PE Interest

FRANKFURT (Reuters) – WestLB’s real estate finance unit its attracting interest from Blackstone, Apollo and Colony, the Financial Times Deutschland reported on Thursday.

WestLB must sell its unit Westdeutsche Immobilienbank to meet European Commission demands for a radical restructuring in exchange for approving a bailout. WestLB has to find new owners by 2011.

Sources told Reuters earlier this month that German property lender Aareal Bank (ARLG.DE) was among bidders that have submitted an offer for WestImmo. 

A spokesman for WestLB declined to comment on the report. (Editing by Dan Lalor)