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Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

MAINZ, GERMANY-The locally based savings bank property financier Westdeutsche ImmobilienBank has successfully placed a €500 million mortgage Pfandbrief on the capital market, carrying a 3.5-year maturity, coupon of 3% and a yield mark-up of 55bp above swap average.

The consortium backing the transaction comprises WestLB, DZ Bank and UniCredit Group. WestImmo said the issue has been placed largely with German investors. A placement of about 45% was sold to funds and other asset managers and the rest has mainly gone to banks in the savings bank and cooperative sector.

Chairman Peter Knopp said mortgage Pfandbrief is the key refinancing instrument in the bank’s business model. With this issue WestImmo has returned to the ranks of major mortgage Pfandbrief issuers after an absence of five years. In recent times it has placed smaller issues in the capital market on an ongoing basis, and in 2008 issued €1.9 billion in this manner.

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