Commerzbank AG, Germany’s second-biggest bank, agreed to sell its Eurohypo U.K. real estate lending unit to Wells Fargo & Co. and Lone Star Funds to comply with European Union state-aid rules following its bailout.
Wells Fargo, the largest U.S. home lender, will acquire about $6 billion of “high-quality” assets, Wells Fargo said Monday in a statement. Dallas-based Loan Star will buy about $1.96 billion of non-performing loans. The loans were sold for about 3.5 percent less than book value.
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