Commerzbank AG is selling a portfolio of U.K. commercial real estate loans worth around $6.5 billion to Wells Fargo (WFC) and Lone Star Funds, the latest example of a European bank reducing its exposure to real estate in the wake of the financial meltdown, The Wall Street Journal reports.
"With this transaction, we are accepting a charge on earnings in 2013, to take out risks in the coming years," Chief Financial Officer Stephen Engels said.
