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Commerzbank AG Sells UK Property Loans-DJ
Dow Jones reported that Commerzbank AG is selling a portfolio of U.K. commercial real estate loans worth around EUR5 billion ($6.5 billion) to Wells Fargo & Co. (WFC) and Lone Star Funds, the latest example of a European bank reducing its exposure to real estate in the wake of the financial crisis. European banks are in the middle of reducing, through sales, repayments and write-downs, as much as EUR600 billion of commercial real-estate assets left over from the boom years, according to research by Morgan Stanley. As concerns over a breakup of the euro zone have faded, banks have used the opportunity to accelerate the sale of these assets.
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