The Bundesbank, Germany's Central Bank, has mandated AgFe to advise on the sale of over EUR 4 bn of property loans left by the collapse of Lehman Brothers in 2008, according to a news report in PropertyWeek.

The process - named Excalibur - represents one of the biggest distressed sales in the European property history.

The loans and bonds were swapped by Lehman Brothers with the European Central Bank (ECB) in 2008, in an effort to prevent bankrupcy.

A sale is likely in the fourth quarter of this year, according to the publicaiton.