German bank Aareal has sold a EUR 1.5bn portfolio of private construction financing to Deutsche Postbank. The parties agreed not to disclose the purchase price but Aareal said the transaction will not have any impact on its annual result. The deal is subject to approval by antitrust authorities as well as by Aareal shareholders at the annual general meeting scheduled for 21 May 2008. The sale is expected to be completed by the third quarter of 2008.
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