Wiesbaden, 2 January 2019 – Aareal Bank Group has successfully completed the acquisition of Düsseldorfer Hypothekenbank AG, announced on 11 September 2018. The purchase was completed with effect from 31 December 2018, as planned. Now that the transaction has been closed, Düsseldorfer Hypothekenbank AG is a legally independent subsidiary of Aareal Bank Group.
For Aareal Bank, as communicated, the transaction will lead to a positive one-off effect from initial consolidation (negative goodwill) in the amount of approximately € 52 million. The exact figure is subject to adjustments which are now being determined with reference to the closing date (31 December 2018).
As communicated at the time of the agreement, Aareal Bank will not pursue any further strategic objectives with the acquisition. Having undergone an orderly run-down process since 2015, under the auspices of its previous owner; Düsseldorfer Hypothekenbank AG no longer actively originates new property finance business on the market. Aareal Bank is set to consistently pursue this orderly run-down.