German lender Eurohypo has sold a $760 mln (EUR 605 mln) performing loan portfolio in the US to US Bancorp, Wells Fargo Bank and Blackstone Group.
German lender Eurohypo has sold a $760 mln (EUR 605 mln) performing loan portfolio in the US to US Bancorp, Wells Fargo Bank and Blackstone Group.
The package, consisting of 13 loans backed by office, retail, industrial and multifamily assets across the country, was divested for an average 5% discount to par value.
Jones Lang LaSalle's Capital Markets team led the transaction. 'The US market for loan sales has matured significantly over the past several years; the low discount to par we were able to achieve on this sale is proof of that,' said managing director and Global Loan Sales Leader Peter S. Nicoletti.
He added: 'This portfolio was high-quality, seasoned paper that offered these investors an opportunity to acquire a significant performing loan portfolio.'
The portfolio is securitised against assets located in New York and other top-tier metropolitan markets including San Francisco, Boston, Miami, Houston and Chicago.
