Lloyds Banking Group is reportedly preparing the sale of a second package of UK property loans with a nominal value of around £750 mln (EUR 935 mln).
Lloyds Banking Group is reportedly preparing the sale of a second package of UK property loans with a nominal value of around £750 mln (EUR 935 mln).
According to UK press reports, the Project Royal II portfolio will be marketed to the private equity fund market through JPMorgan.
Lloyds is also believed to be in the final stages of selling its EUR 360 mln portfolio of Irish real estate loans, in a process known as Project Prince. The loans relate to office and retail properties across Ireland.
In late 2011, the banking group completed the sale of the £900 mln (EUR 1.08 bn) Project Royal UK secondary commercial property loan portfolio to US private equity group Lone Star. Financial details were not disclosed but the portfolio is believed to have been sold at a 40% discount to face value.
The deal, which was made on behalf of Lone Star's Real Estate Fund II, was funded with £300 mln of senior debt provided by Citigroup and Royal Bank of Canada.
