Helaba, the German Landesbank for Hesse-Thuringia is set to sell its stake in Hannover Leasing by mid next year, the group confirmed.
Helaba currently holds a 49.34% stake in Hannover Leasing. The Bavaria-headquartered firm is specialised in offering closed-end real estate funds, with about 50% of its €14bn assets currently invested in property.
Helaba decided to sell Hannover Leasing due to structural changes in the closed-end fund landscape, with retail investor demand declining and regulatory pressures tightening, the Landesbank stated.
“We intend to find a partner for Hannover Leasing who will offer a perspective of further cohesion to the institutional side of the business in particular whilst ensuring the responsible continuation of existing funds” comments Thomas Groß, deputy chairman of the board at Helaba and member of the advisory board at Hannover Leasing.
“The timing for the sale of Hannover Leasing as an expert in property investments is ideal, given the persistent strength of property markets” he adds.