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WestLB and Westdeutsche ImmobilienBank worked together as Arranger and Sole Provider for a EUR 29 million, seven-year credit facility to acquire the Burloak Business Park for Oppenheim Immobilien-Kapitalanlagegesellschaft mbH, acting on behalf of its special fund “American Fund-OIK”. The properties are located in Burlington, Ontario, near Toronto, and are comprised of seven properties of which four are Class A office buildings and three are Class A office and mixed-use buildings.

Oppenheim Immobilien is majority-owned by IVG Immobilien AG, Bonn. Both are existing German clients of WestLB and WestImmo.

"Capitalizing on our international branch network and our global client relationships is our key business. It is always a special pleasure for us to be able to help one of our preferred German clients in Canada," said Alik Kassner, Executive Director and Toronto Branch Manager.

WestImmo’s real estate expertise, combined with WestLB Toronto’s local presence and knowledge, was the key factor that led to the successful transaction. The Bank was able to provide added value to an established German client by helping them succeed in their international acquisition and financing endeavors. WestLB Toronto, as lender of record for the transaction, is only one of two German banks in Canada that are able to offer this type of lending service.

WestLB’s Toronto Branch recently reached C$1 billion in assets, along with winning nine Arranger/Agent mandates. WestLB’s main industry focus in Canada includes Energy, Media Entertainment & Telecom, Metals & Mining, Diversified and Real Estate.