Lloyds Banking Group has selected US private equity group Lone Star as preferred bidder for a 拢900 mln (EUR 1 bn) portfolio of distressed property loans, according to a news report in the Financial Times.
Lloyds Banking Group has selected US private equity group Lone Star as preferred bidder for a 拢900 mln (EUR 1 bn) portfolio of distressed property loans, according to a news report in the Financial Times.
The sale of the Project Royal portfolio is the largest loan disposal by a UK bank since the collapse of the property market in 2008.
Lone Star is believed to have emerged ahead of competitors Cerberus and Colony Capital in the running to buy the assets which are likely to trade at a discount of 40% to face value. Royal Bank of Canada and Citigroup are arranging the finance for the deal, the FT reported.
