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Monday, March 21, 2011

Barclays to sell property assets to CreXus, (BARC), (NYSE: CXS), (NYSE: NLY)

Barclays (BARC.L)has agreed to sell a portfolio of real estate loans to property investment trust CreXus (CXS.N) for $586 million, as part of the British bank's plans to trim its non-core property book. "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 said in a statement. CreXus Investment Corp is externally managed by Fixed Income Discount Advisory Company, which is a wholly-owned subsidiary of Annaly Capital Management Inc (NLY.N).

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