Chase Manhattan Corp. has confirmed that it has agreed to sell a portfolio of real estate assets.

The face value of those assets is higher than reported in an article attributed to market sources.

Those assets have a face value of $725 million.

Chase earlier this year set aside $2 billion in loans for accelerated disposition.

The bank took a special $884 million reserve at the time.

Chase will have about $1 billion of additional real estate assets to sell after the bulk sale is completed.

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