Deutsche Bank sells $857M in commercial property bonds

Deutsche Bank AG has unloaded $856.6 million in bonds tied to commercial property mortgages, the bulk of which are shopping centers and office buildings in New York, Pennsylvania, California and Arizona, Bloomberg News reported. The sale is the eighth of its kind this year, and as another $735 million offering by Wells Fargo and Bank of America also hit the market yesterday, activity appears to be rebounding in the sector. Roughly $5.5 billion of commercial property debt has been sold thus far in 2010, up from $3.4 billion last year, and Standard & Poor’s has predicted that sales could reach $35 billion in 2011. [Bloomberg]