July 26, 2018 / 5:35 PM / 2 years ago

Wells Fargo looks to sell its Eastdil Secured real-estate division: Wall Street Journal

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith

(Reuters) - Wells Fargo & Co (WFC.N) is exploring a sale of its Eastdil Secured real-estate division, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The U.S. bank has been weighing a sale of Eastdil, which provides financial advisory services to real estate owners, for at least a few months now, the Journal said.

Wells Fargo is hoping the division will draw the attention of private-equity firms for a deal, the Journal reported.

The report did not clarify how much Eastdil may be worth.

Eastdil Secured is present in 11 states in the United States, two countries in Europe and two in Asia, according its website.

Wells Fargo, which bought Eastdil in 1999, was not immediately available for comment.

Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber

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