NEW YORK, Oct 24 (Reuters) - Deutsche Bank AG has reached a tentative agreement to buy General Motors Corp.'s GMAC Commercial Mortgage unit for about $1 billion, sources close to the situation said on Friday.
The transaction, if finalized, would allow General Motors to redirect capital to other areas of its GMAC unit, which finances everything from auto loans to residential mortgages. The two sides hope to complete the deal in the next week, though the negotiations could still break down, sources said.
A General Motors spokesman declined to comment on the talks, saying only: "The (sale) process is ongoing, but we are not ready to announce anything at this time." Deutsche Bank did not immediately return a call seeking comment.