By Robb M. Stewart

MELBOURNE, Australia--National Australia Bank Ltd. (NAB.AU) has struck a deal to offload another GBP1.2 billion (US$1.9 billion) parcel of higher-risk commercial real-estate loans in the U.K. to private equity firm Cerberus Global Investors.

It follows a similar agreement in late July to sell a GBP625 million bundle of largely nonperforming U.K. commercial real-estate loans to Cerberus, and reduces to the balance of NAB's portfolio to GBP836 million from an original GBP5.6 billion in October 2012, the Australian bank said Tuesday.

Write to Robb M. Stewart at robb.stewart@wsj.com

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