Wells Fargo's $6B Commerzbank Deal Beefs Up UK Portfolio

Law360, New York (July 15, 2013, 4:52 PM EDT) -- Wells Fargo & Co. on Monday expanded its U.K. foothold by adding a £4 billion ($6.05 billion) portfolio of commercial real estate from Germany's Commerzbank AG.

The Commerzbank portfolio, known as Hypothekenbank Frankfurt, includes £2.7 billion in high-quality institutional assets throughout the U.K., with a focus on London, as well as £1.3 billion of nonperforming assets. Private equity firm Lone Star Funds will manage the nonperforming assets with financing from Wells Fargo, the San Francisco-based bank said.

“Hypothekenbank Frankfurt’s 20-year history in London, their recognition as...
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