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South Florida

Lehman to sell off divisions

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After scoping out a buyer for the past few weeks, Lehman Bros. has announced plans to sell between $25 billion and $30 billion of its commercial real estate portfolio to a publicly-traded company called Real Estate Investments Global sometime in early 2009. This comes alongside a statement that the company lost $3.9 billion in the third quarter, and it plans to sell a 55 percent stake in the entire company to an unnamed party.