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Wells Fargo & Co Acquires Hypothekenbank Frankfurt UK Commercial Real Estate Portfolio From Commerzbank AG
Wells Fargo & Company announced that it has signed an agreement to acquire Commerzbank's Hypothekenbank Frankfurt (formerly Eurohypo) U.K. commercial real estate portfolio. The transaction includes a GBP4.0 billion ($6.05 billion) portfolio of commercial real estate loans throughout the U.K. with a focus in London. A portion of the portfolio, consisting of approximately GBP1.3 billion ($1.96 billion) of non-performing assets, will be acquired by Lone Star Funds, with Wells Fargo providing the financing. The transaction is expected to close in Q3 2013.
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