Ford Motor Co. said it is selling the mortgages held by its USL Capital Real Estate Financing unit to Bankers Trust New York Corp. for about $575 million.
The assets are being sold at a premium to book value in a transaction expected to close in September, Ford said.
The deal essentially completes Ford's sale of USL Capital's six business units. Earlier this year Ford sold a railcar leasing unit to First Union Corp. and an equipment leasing unit to Bank America Corp.
Ford said it expects cash proceeds of more than $1 billion after taxes from the USL Capital sales.
The unit finances apartment complexes, retail centers, light industrial properties, and office buildings. Transactions range from $3 million to $30 million.