Bloomberg News

NordLB Will Exit U.S., Spanish Real-Estate Markets, FTD Reports

June 26, 2012

Norddeutsche Landesbank Girozentrale is leaving the U.S. and Spanish commercial real-estate markets to focus on Germany and selected European countries, the Financial Times Deutschland reported, citing Thomas Buerkle, the new head of NordLB’s Deutsche Hypo division.

The unit, with assets of 35 billion euros ($44 billion), will let its 3 billion euros of property loans in the U.S. mature, the FTD said. In Spain, where it will also stop new lending, NordLB has made loans in the “lower three-digit million-euro” region, Buerkle said. The bank will instead focus on the property markets in Germany, Belgium, France, Holland, Poland and the U.K., he told the newspaper.

To contact the reporter on this story: Niklas Magnusson in Hamburg at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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