Kaiser’s land sale will bring $130 million.

That cash payment, which is part of the previously announced sale of most of the real estate assets of Kaiser Aluminum & Chemical, will be used to reduce Kaiser Aluminum’s debt in 1986. In addition, Kemper/Bedford Properties, the joint venture buying the real estate, will assume more than $325 million of liabilities from the real estate subsidiary. The joint venture is composed of Bedford Properties of Lafayette, Calif., and five insurance subsidiaries of Kemper Corp. of Long Grove, Ill.