March 21 (Bloomberg) -- Barclays Plc, the U.K.’s third-largest bank, agreed to sell $586 million of commercial real estate loans as it scales back its investments in property.
Crexus Investment Corp., a commercial mortgage real estate investment trust, will buy the 30 loans, London-based Barclays said in a statement today. Crexus is managed by Fixed Income Discount Advisory Company, part of New York-based Annaly Capital Management Inc.
Barclays Chief Executive Officer Robert Diamond is selling assets that aren’t generating sufficient returns in relation to the capital they require under the Basel III rules.
“The sale of the assets is part of continued efforts by Barclays to manage its legacy commercial real estate assets for value whilst reducing exposure over time,” Barclays said in today’s statement.
Barclays advanced 8.4 pence, or 3 percent, to 290.5 pence as of 10:40 a.m. in London trading.
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