PropertyEU

Westimmo sees 47% drop in new business in 2010

By A staff reporter 2011-04-05T00:00:00

Westdeutsche ImmobilienBank (Westimmo) saw its new business volumes plunge 47% to EUR 3.3 bn in 2010 from EUR 6.2 bn the year before. The German lender blamed the fall on market conditions and a European Commission order to financial group WestLB to sell the Westimmo real estate financing unit.

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