Commerzbank nears sale of Spanish property loans -sources

FRANKFURT Tue May 20, 2014 3:22am EDT

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FRANKFURT May 20 (Reuters) - Germany's Commerzbank is close to selling a package of about 4.2 billion euros ($5.8 billion) in Spanish property loans at a discount to JP Morgan and Lone Star, financial sources said.

The sale price is between 3.7 billion euros and 3.9 billion euros, the sources said.

Spanish newspaper Expansion earlier on Tuesday reported that a sale agreement was in the offing, citing a sale price of 3.5 billion euros.

Commerzbank and Lone Star declined comment. JP Morgan was not immediately available for comment.

($1 = 0.7289 Euros) (Reporting by Sarah White in Madrid and Alexander Huebner in Frankfurt; Writing by Jonathan Gould; editing by Thomas Atkins)

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