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Erste Abwicklungsanstalt to sell stake in WestFonds to HCI Capital

ErsteAbwicklungsanstalt, the bad bank of the former WestLB, agreed tosell its stake inWestFonds ImmobilienAnlagengesellschaft mbH, a company that manages closed-endproperty funds, to HCI Capital AG.

A purchase agreement has been signed, with a view totransferring the shares in August.

Matthias Wargers, spokesman of the EAA managing board saidthe sale "marks an important step towards further reducing the complexity ofthe EAA portfolio and swiftly completing the task of winding up the portfolioof the former WestLB."

Erste Abwicklungsanstalt acquired the 94.9% stake inWestFonds in 2012.