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(CORRECTED)-Downey sold real estate assets for $110 mln

Fri Sep 5, 2008 9:27pm EDT

(corrects headline to show that real estate assets have been sold)

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Sept 5 (Reuters) - Downey Financial Corp DSL.N

* Says sale of certain non-core real estate assets to third party aggregate cash raise proceeds of $110 million

* Part of its agreement with regulators to enhance financial strength by year end

* Expects to report net pre-tax gain of approximately $68 million from the sale

* Says sale and dividend from a subsidiary raises $109 million toward increasing regulatory capital

* Says board and management will continue to diligently explore a broad range of strategic alternatives

* Says orders require it must complete a capital raising initiative by Dec. 31, 2008

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