US private equity fund Lone Star has sold Düsseldorfer Hypothekenbank after having sold Corealcredit in December 2013, thereby concluding its ownership of previously-troubled Pfandbrief banks.

According to a DüssHyp statement yesterday, Lone Star is selling the bank to a group of international buyers, led by UK-based fund Attestor Capital, and Patrick Bettscheider, who previously founded and ran MainFirst Bank. The terms of the sale were not disclosed.

“The new owners will continue the current business model and consequently provide the bank, its clients and its business partners with a long term perspective in the commercial real estate financing business,” said the bank.

Lone Star took over DüssHyp in 2010 after the German bank ran into problems and had to be supported after a rescue by the Association of German Banks (BDB) and the government. In December Lone Star sold Corealcredit – formerly Allgemeine HypothekenBank Rheinboden – to Aareal.

According to its Section 28 transparency report, DüssHyp had Eu563m of mortgage Pfandbriefe outstanding and Eu3.176bn of public sector Pfandbriefe outstanding at the end of the second quarter.