FRANKFURT, Germany—Commerzbank AG said Wednesday it has reached agreements with US institutional investors on the sale of two portfolios of mainly non-performing commercial real estate loans. A joint venture of JP Morgan Chase and Lone Star Funds is acquiring a pan-European portfolio of loans, while Oaktree Capital Management is taking a German portfolio. The combined face value of the two portfolios is EUR 2.2 billion, or slightly more than US $3.2 billion.

Together, the two portfolios sold account for approximately 17% of the total of commercial real estate loans still held in the non-core asset segment as of March 31. Financial terms were not released, with Germany’s second largest bank citing confidentiality agreements.

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