Commerzbank AG, Germany's second-biggest lender, is exploring a sale of the UK property business of its mortgage unit Hypothekenbank Frankfurt International, a person familiar with the matter said on Monday.The Financial Times, citing people familiar with the matter, reported earlier on Monday that Barclays was managing the sale and that U.S. investment firms such as Blackstone Group LP , Lone Star Funds and Starwood Capital have expressed interest in buying all or parts of the business.Commerzbank, Blackstone and Lone Star Funds failed to comment while spokespeople for Starwood Capital and Barclays could not immediately be reached for comment.Cash-strapped European banks, including bailed-out Commerzbank, have so far been reluctant to shed assets to rebuild their weakened balance sheets as sales could force them to recognise losses in their portfolios.
The Blackstone Group L.P. (Blackstone) is a United States-based company that is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.83% or $0.36/share to $19.99. In the past year, the shares have traded as low as $11.13 and as high as $20.28. On average, 4939920 shares of BX exchange hands on a given day and today's volume is recorded at 6451848.
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