The portfolio includes seven owned properties and 14 others forwhich American Financial will assume Citibank's leasehold interest.The closing is expected to take place later this month.

Nicholas S. Schorsch, American Financial's CEO, says thetransaction will enhance his firm's west coast holdings and adds,"this illustrates how we can help banks better manage their realestate portfolios by facilitating strategic dispositions of theirsurplus assets."

American Financial went public on June 30 this year, and the netproceeds from the IPO were about $740 million. Based on"expressions of interest" following the IPO, Schorsch says, "webelieve that we are well positioned to continue to execute asanticipated on our business model to acquire properties leased tofinancial institutions."

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