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Report: Italian bank UniCredit looking to sell up to $1.1B of German real estate

Italian pan-European commercial bank UniCredit SpA is working alongside Cushman & Wakefield PLC to dispose of up to $1.1 billion of German office buildings and bank branches from its HypoVereinsbank unit, Bloomberg News reported, citing people with knowledge of the matter.

The sale of approximately 30 assets is expected to start in January 2019 and is part of UniCredit CEO Jean Pierre Mustier's efforts to increase the bank's capital reserves in the face of a $971 million write-down on its Turkish unit and provisions related to U.S. sanctions in November, the report noted, citing the people with knowledge of the matter.

According to the report, the bank is looking to log €4.7 billion of annual net income in 2019 through a variety of initiatives, including cutting jobs and shoring up its balance sheet.

The news outlet could not obtain a statement from Cushman & Wakefield regarding the matter, while UniCredit declined to comment.