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NATWEST SELLS NEW JERSEY REAL ESTATE ASSETS

 JERSEY CITY, N.J., Sept. 2 /PRNewswire/ -- National Westminster Bancorp (ADS - NYSE: NW) and Daiwa Securities America Inc. announced today the conclusion of the sale to Daiwa Securities of a portfolio of non-performing loans and real estate owned by NatWest's subsidiary, National Westminster Bank NJ. Cantor Fitzgerald Brokerage, LP and Jones Lang Wootton USA acted as exclusive agents to NatWest on the sale. Lincoln Property Co., in joint venture with BNE Associates, will act as asset manager on the portfolio for Daiwa Securities. The face value of the portfolio was approximately $164 million. The sale price was not disclosed.
 Through this transaction, Daiwa Securities America has purchased the majority of NatWest NJ's non-performing real estate assets. The portfolio consists of approximately 150 loans and properties located throughout New Jersey, including single-family, multifamily, retail, industrial, office, mixed-use properties and land.
 NatWest Bancorp, the holding company for New York-based National Westminster Bank USA and New Jersey-based National Westminster Bank NJ, is a wholly owned subsidiary of National Westminster Bank Plc, the London-based international banking and financial services organization.
 Daiwa Securities America is located in New York. The mortgage and asset-backed securities group is a leader in the securitization of unique, complex and problem assets.
 -0- 9/2/93
 /CONTACT: Tim Connolly of NatWest, 201-547-7533, or Anne Kazel, principal communications for Daiwa Securities, 212-546-1386/
 (NW)


CO: National Westminster Bancorp; Daiwa Securities America Inc. ST: New Jersey, New York IN: FIN SU: RLE

CK-OS -- NY059 -- 8449 09/02/93 13:10 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
Words:248
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