Wells Fargo, LNR to sell billions in distressed real estate

05/21/2010 | Bloomberg Businessweek

Wells Fargo and LNR Property each are planning to sell $1 billion in distressed U.S. commercial real estate loans and assets, according to sources. Wells Fargo is taking bids on a portfolio of office and hotel mortgages -- much of which it inherited from Wachovia. The market timing is right for the bank and LNR, which is the special servicer on $24 billion in delinquent assets. "The availability of capital and better prices than a year ago are driving sellers to move things off their balance sheets," says Matthew Anderson with Foresight Analytics.

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