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BofA Discussing Sale of Even More Businesses
Bank of America is in discussions about selling a major portion of Merrill Lynch's real estate portfolio to the Blackstone Group. The deal could be worth up to $1bn. Holdings include a variety of commercial properties and real estate stakes worldwide. This would be, yet, another move by BofA to shed noncore assets in order to improve its balance sheet.
The bank hopes the moves will have a positive affect on its shares, which have fallen more than 25% in the last month. In recent days, BofA sold off its $8.6bn Canadian credit card business bringing to 20, the number of businesses that CEO Brian Moynihan sold off since taking the helm in 2010. The sales have taken in about $30bn.
For Blackstone, the purchase would be a good addition to its current real estate arm, which currently has $7.4bn of uninvested capital even after its $9.4bn takeover of Centro Properties' American malls. [Dealbook, 8/16/11]
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