The package is being sold at a discount according to Reuters, which cited sources close to the matter.
It added that Commerzbank, Germany’s second-biggest lender, was taking advantage of a recovery in Spain’s retail market to sell off the portfolio.
About €1bn is said to be made up of non-performing debt, with the remaining €3.3bn performing loans backed by office blocks and shopping centres.
One Reuters source said Lone Star would be taking on a team of about 25 people from Commerzbank to help manage the loans as part of the deal.
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