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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.