American Financial Realty is planning to sell off a portion of the 150-property portfolio that it intends to buy from Wachovia

American Financial Realty is planning to sell off a portion of the 150-property portfolio that it intends to buy from Wachovia. The $547 million transaction is slated to close in the third quarter. The package encompasses $8.2 million sf of offices and bank branches. American Financial plans to sell 24 properties with 2 million sf, most of which are vacant. Wachovia will lease back 5 million sf of the remaining space for 20 years and 1.1 million sf on a short-term basis. American Financial is led by mortgage-securitization pioneer Lewis R. Ranieri.

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