BT Alex. Brown last week won the bidding for a $2.2 billion portfolio of loans backed by distressed Japanese real estate assets-the largest sale of its kind.

Deutsche Morgan Grenfell, Lennar Corp., and General Motors Acceptance Corp. teamed up with the Bankers Trust unit to buy the portfolio, which includes office, multifamily, industrial, and retail properties. The group paid $220 million, or 10% of the loans' face value.

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