German listed asset and investment manager HCI Capital has announced the acquisition of a 95% stake in WestFonds from workout bank Erste Abwicklungsanstalt (EAA).
WestFonds, formerly a unit of WestLB, manages around 12,000 investors in 17 funds with assets of €540 mln, largely office and hotel properties. The financial details of the transaction were not disclosed.
HCI, which is active in shipping, real estate and renewable energy, said that the acquisition represents 'a broadening of the real estate activities of the group', which last month announced plans to change its name to Ernst Russ. 'The acquisition strengthens our position as investment and asset manager,' said board member Ingo Kuhlmann.
The transaction was brokered by Assetando Real Estate, which in the future will be responsible for the entire portfolio. Assetando was founded in early 2016 as the central property unit of HCI and currently manages €350 mln in assets.
