UniCredit Is Close to Selling German Property-Investment Unit Wealthcap

UniCredit SpA is nearing a sale of its German real-estate investment unit Wealthcap, as part of Chief Executive Officer Andrea Orcel’s strategy to refocus the bank on core businesses, people with knowledge of the matter said.

The Milan-based bank is in advanced discussions on a divestment of the unit, which could be valued at as much as 150 million euros ($170 million), according the people. It is in talks with a German financial institution about a deal, the people said, asking not to be identified because the information is private.