The New Jersey-based entity of Valley National Bancorp sold nearly $1 billion worth of property loans to Brookfield Asset Management, Bloomberg reported. Brookfield received 1% discount on the acquisition.

Valley National Bank is selling the portfolio of property loans to Brookfield Asset Management at a roughly 1% discount of the debt's value.

VLY sells its $925 million CRE loan pool to Brookfield to reduce its CRE loan concentration and pursue its strategic balance sheet objectives.