) --

Credit Suisse

(CS) - Get Report

is selling a $2.8 billion portfolio of distressed commercial real-estate loans to

Apollo Management

for $1.2 billion, according to a published media report.

The report, published Thursday on

The Wall Street Journal's

Web site, cited anonymous sources familiar with the transaction.

The deal is one of the largest bank sales of soured real-estate loans since the financial crisis began and will be closely watched by real-estate investors, the report noted.

The loans are backed by properties including German apartment buildings as well as hotels in Denmark, Sweden and France, according to the report.

Shares of Credit Suisse closed Friday up 12 cents at $40.34.

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This article was written by a staff member of TheStreet.