Barclays Plc (BARC), the U.K.’s third-
largest bank, agreed to sell $586 million of commercial real
estate loans as it scales back its investments in property.

Crexus Investment Corp. (CXS), a commercial mortgage real estate
investment trust, will buy the 30 loans, London-based Barclays
said in a statement today. Crexus is managed by Fixed Income
Discount Advisory Company, part of New York-based Annaly Capital
Management Inc. (NLY)

Barclays Chief Executive Officer Robert Diamond is selling
assets that aren’t generating sufficient returns in relation to
the capital they require under the Basel III rules.

“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
today’s statement.

Barclays advanced 8.4 pence, or 3 percent, to 290.5 pence
as of 10:40 a.m. in London trading.

To contact the reporter on this story:
Jon Menon in London at
jmenon1@bloomberg.net

To contact the editor responsible for this story:
Edward Evans at eevans3@bloomberg.net