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(Repeats to add UPDATE 1 to headline)
Sept 10 (Reuters) - Lehman Brothers Holdings Inc LEH.N is in talks with BlackRock Inc (BLK.N) to sell a package of British real estate assets, people familiar with the matter told the Wall Street Journal.
The Wall Street investment bank is expected to announce a separate plan to spin off some commercial real estate assets into a new company, referred to internally at Lehman as SpinCo, people told the Journal.
The remaining portion of the firm, shorn of much of its distressed real-estate assets, is being called CleanCo, the people said.
Lehman has brought forward by a week the release of its quarterly results and "key strategic initiatives" and will announce these at 7:30 a.m. on Wednesday, New York time (1130 GMT). Lehman has been in talks with investors on possible capital infusions and some analysts expect it to spin off or otherwise dispose of much of its commercial real estate portfolio.
The investment bank has also been looking out for investors to buy a piece of its investment-management unit, which includes the profitable asset-manager Neuberger Berman.
People familiar with the matter told the Wall Street Journal that a sale of a piece of the company's investment-management unit could fetch about $5 billion.
Shares of Lehman plunged as much as 46 percent on Tuesday, wiping out $4.4 billion in market value. The stock closed at $7.79 on the New York Stock Exchange, down $6.36. (Reporting by Sweta Singh in Bangalore, Editing by Ian Geoghegan)