FRANKFURT, June 24 (Reuters) -

German property lender Aareal Bank will book a gain of

around 2 billion euros ($2.14 billion) after it sells its tech

unit Aareon to private equity firm TPG and investor CDPQ, it

said in announcing the deal on Monday.

Aareal, based in Germany but operating globally, said it

would only realize the gain later this year when the deal

closes.

In the meantime, it will incur transaction costs of 150

million euros in the second quarter. In the first quarter, the

bank generated a net profit of

73 million euros

.

Aareal has been navigating a global crunch in commercial

real estate. It has a quarter of its business in the United

States, which has been especially rocked by the downturn.

Advent, Aareal's co-owner, is maintaining a stake in

Aareon.

The owners of Aareal lined up advisers to sell the

division,

Reuters reported

in March.

Aareal said that the transaction was based on an

enterprise value for Aareon of 3.9 billion euros.

($1 = 0.9335 euros)

(Reporting by Tom Sims, editing by Miranda Murray and Thomas

Seythal)