Frankfurt - Commerzbank, Germany's second-biggest bank, said on Monday it had agreed to sell its portfolio of commercial real estate loans in Britain to US bank Wells Fargo and Lone Star Funds.
"Commerzbank today signed an agreement on the sale of its commercial real estate financing portfolio in Britain to a consortium comprising Wells Fargo and Lone Star Funds," the bank said in a statement.
The transaction covers commercial real estate loans totalling €5.0bn ($6.5bn) as well as the entire operational business of Hypothekenbank Frankfurt in Britain.
"This is one of the largest transactions in commercial real estate loans in Europe of the past years," the statement said.
The sale price was not disclosed.
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