Dresdner Bank's institutional restructuring unit (IRU), which is responsible for about €30bn ($34bn) of non-performing and non-core loans, has sold a portfolio worth €511m to an investment bank bidder.

The portfolio, which held facilities for European and US obligors, was sold through an auction process involving three investment bank bidders. Dresdner Kleinwort Wasserstein acted as adviser on the sale. Dresdner Bank did not disclose the bidders.