UPDATE 1-Hypo Real Estate sells off Lehman claims

* Hypo Real Estate sells 232.5 mln euros worth of claims

* Claims sold to international investment banks and funds

* Hypo to make lower to medium double-digit million gain

(Adds detail, background)

FRANKFURT, Oct 19 (Reuters) - Deutsche Pfandbriefbank, the core bank to emerge from nationalised German lender Hypo Real Estate, sold 232.5 million euros ($347 million) of outstanding claims against Lehman LEHMQ.PK to other banks and funds.

The claims were sold to three counterparties which included major international investment banks and funds, the company said on Monday.

The sale marked another step in the unwinding of the financial mess left in the wake of the collapse of Lehman Brothers in September 2008, which left creditors with more than $100 billion in claims against the bank's U.S. business alone. [ID:nLD433029]

Markets were roiled by the collapse, which forced many banks, including Hypo Real Estate, to seek a bailout from the German government. The bank was fully nationalised last week.

"The completion of the auction is another successful step in the ongoing efforts to restructure and reposition the group," Deutsche Pfandbriefbank chief executive Axel Wieandt said in a statement.

The company said it will book a gain in the lower to medium double-digit million euros range from the disposal of claims. (Reporting by Edward Taylor; Editing by Dan Lalor) ($1 = 0.6694 euro)