NationsBank Corp. said Thursday that it had completed the sale of troubled real estate assets with a face value of $350 million.

The purchaser's identity was not disclosed. It has retained Amresco Institutional Inc., a NationsBank affiliate, to service the acquired loans.

The Charlotte, N.C.-based banking company also did not divulge the price. Lincoln Property Co. of Dallas would not comment on a rumor that it was the buyer.

NationsBank said the transaction should not have an impact on fourth-quarter earnings, indicating that reserves are sufficient to cover shortfalls from bank value.

Last year, the bank sold a portfolio of hotel loans with a face value of $240 million for a price that was widely reported to be about 50 cents on the dollar.

$200 Million Reduction

NationsBank said this year that it planned to make bulk sales of $650 million in real estate assets.

This first portion, it said Thursday, reduces nonperforming assets by approximately $200 million.

The package includes performing and nonperforming loans on undeveloped land and from commercial, residential, and retail properties in the Mid-Atlantic region. The portfolio also includes foreclosed real estate.

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