NEW YORK -- The Resolution Trust Corp. has completed the sale of National Land Fund, which was composed of six regional pools of properties.

PaineWebber Properties, the PaineWebber Group affiliate that served as financial adviser along with LaSalle Partners, said the fund was the RTC's first effort to privatize the ownership and management of a significant amount of land and land-collateralized loans while retaining an interest in the assets' future earnings.

The properties' book value totaled $1.7 billion, and 69 bids were received from 18 qualified bidders. West Coast Equity LP won the first pool for $165 million, and a joint venture of Sunchase Holdings Inc. and Sterling Pacific Assets won the other five for a total of $181 million.

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