Westdeutsche ImmobilienBank AG (WIB), in the role of arranger and underwriter, will finance the demolition and reconstruction of the Rolls Building, 110 Fetter Lane in London for £88 million (c. €133.8m). Approximately 60% of the building has been pre-let to Her Majesty's Court Service. The borrower, a client of Delancey, is joint venture owner of the project alongside clients of Invista REIM.
The Rolls Building, consisting of circa 262,000 ft² of office space, is located in close proximity to the Royal Courts of Justice and the Inns of Court in London's Midtown. Construction is due for completion in 2009.
The WIB is a wholly-owned subsidiary of WestLB AG. It is the Centre of Competence for all real estate loans and transactions within the WestLB group. In addition to its headquarters in Mainz, WIB's national offices are located in Muenster, Duesseldorf, Hamburg, Munich and Mannheim. Internationally, it maintains a branch in London and representative offices in Madrid, New York, Paris and Warsaw.