Abayomi Azikiwe, editor of the Pan-African News Wire, covering a demonstration organized by the Moratorium NOW! Coalition on May 29, 2009 in downtown Detroit. (Photo: Alan Pollock), a photo by Pan-African News Wire File Photos on Flickr.
BofA in talks to sell investments to Blackstone
LONDON, Aug 16 (Reuters) - Bank of America is in exclusive talks to sell the bulk of Merrill Lynch's boom-time real estate investments to Blackstone for up to $1 billion (607 million pounds), the Financial Times reported on Wednesday.
The sale is still weeks away and would comprise between $800 million and $1 billion of unwanted property investments in Europe, the United States and South America, according to the newspaper, which cited people familiar with the matter.
The sale is part of the U.S. bank's wider efforts to dispose of non-core assets as it tries to clear up its balance sheet and bolster capital ratios.
The talks could still fail to result in a deal, according to the article.
The portfolio includes a collection of real estate debt and equity positions across different countries, ranging from non-performing loans in Italy to shopping centres in Germany and a Brazilian housing developer.
BofA agreed to sell its Canadian credit cards business on Monday to TD Bank and pledged to sell its UK and Irish card units.
(Reporting by Stephen Mangan)