FACTBOX: Lehman plans sale, spin-off of assets

NEW YORK (Reuters) - Lehman Brothers Holdings Inc, the fourth-largest U.S. investment bank, announced on Wednesday plans to sell a majority stake in its investment management division and spin off real estate assets, as it posted a preliminary quarterly net loss of $3.9 billion.

These are the details of Lehman's plan:

SPIN-OFF OF COMMERCIAL REAL ESTATE ASSETS

-- The bank plans to spin off to its shareholders $25 billion to $30 billion of its commercial real estate portfolio.

-- The assets will be separated in a publicly traded company in the first quarter of 2009.

-- The new company will be called Real Estate Investments Global.

-- Lehman said the spin-off would strengthen its balance sheet and preserve the value of the commercial real estate portfolio for shareholders.

-- It said REI Global would be appropriately capitalized through the transfer of common equity and provision of debt financing.

-- REI Global's primary focus will be to maximize shareholder returns by selling assets or holding them to maturity.