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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.