Popular Inc (BPOP.O), parent of Banco Popular, will sell $500 million of construction and commercial real estate loans to a newly created joint venture, majority-owned by a third party, as it looks to offload its non-performing assets. The purchase price is equal to 47 percent of the largest Puerto Rican lender's unpaid principal balance as of Dec. 31, 2010, the company said in a statement. About 75 percent of the loans are non-performing and are a part of a portfolio with a book value of $610 million.
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