Disposal

RNS Number : 2974D

Barclays PLC

21 March 2011

 



21 March 2011

Barclays PLC

Agreement to sell certain commercial real estate loans to CreXus Investment Corp.

Barclays Bank PLC ("Barclays") has announced a definitive agreement to sell certain real estate loans (the "Assets") to CreXus Investment Corp. ("CreXus"), a commercial mortgage real estate investment trust (REIT). 

CreXus (NYSE: CXS) is externally managed by Fixed Income Discount Advisory Company, which is a wholly-owned subsidiary of Annaly Capital Management, Inc. (NYSE: NLY), the largest mortgage REIT in the US.

The Assets consist of a portfolio of 30 commercial real estate assets, including commercial mortgage loans, subordinate notes and mezzanine loans, which are being sold for a total consideration of US$0.586bn in cash.

Barclays is not providing funding to CreXus for the purchase of the Assets.  The closing of the transaction is contingent upon the completion of certain conditions precedent, including the successful completion of a common stock offering by CreXus, and obtaining certain consents. 

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 Capital is serving as financial advisor to Barclays Bank PLC on the transaction.

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For further information, please contact:

Barclays                                                                                               

Investor Relations                                                             Media Relations                                 

Stephen Jones                                                                    Giles Croot/Brandon Ashcraft                                          

[phone]                                                           [phone]/[phone]

About Barclays

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 147,000 people. Barclays moves, lends, invests and protects money for over 48 million customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.com.  Neither the content of the Barclays website nor any website accessible by hyperlinks on the Barclays website is incorporated in, or forms any part of, this announcement

 

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