Deutsche in Deal to Acquire GMAC Commercial

Deutsche Bank is close to acquiring GMAC Commercial Mortgage Corp. (GMAC) from General Motors Corp., reported the The New York Post last week, citing unnamed sources familiar with the situation.

While the transaction is still in negotiation and may not be finalized, it is expected to gain GM $2 billion or more, said the Post.

With plans to redirect capital to other core business areas, the automaker put GMAC up for auction in March. GMAC, which forms a part of GM’s financing arm General Motors Acceptance Corp., is a national provider of commercial financial services and has a servicing portfolio of more than $246 billion, according to its web site.

The publication added that the German bank and GE Capital were two of the auction’s finalists after final bids were submitted last month to GM’s investment banker, Morgan Stanley. Other bidders reportedly included Credit Suisse First Boston and banking behemoth Washington Mutual Inc.

Deutsche, a self-described international financial service provider, has said it wants to make acquisitions to strengthen its business with wealthy individuals in Europe and the United States. It seeks to expand its U.S. mortgage lending business with GMAC, according to published reports.

Upon MortgageDaily.com’s requests for comment and verification of the rumored deal, a spokeswoman for the commercial mortgage unit replied that it is a company “policy not to comment on any pending transactions.”

Meanwhile, a spokesman for Deutsche said he’d read reports about the transaction, but declined to comment further.