Annaly Capital Management Inc has agreed to sell its commercial real estate business to investment firm Slate Asset Management in a deal valued at $2.33 billion to sharpen its focus on its core residential mortgage finance business.

Annaly said in a statement on Thursday that the deal, which is expected to close by the third quarter of 2021, includes equity interests, loan assets and commercial mortgage-backed securities that were part of the commercial real estate unit.

Evercore is serving as the financial advisor to Annaly, while BMO Capital Markets is serving as the financial advisor to Slate.

Read more at Reuters

By Shreyasee Raj and Aditya Soni