UK savings bank Nationwide has reportedly agreed to sell its Project Adelaide portfolio to Oaktree Capital Management for a 24% discount to face value.

UK savings bank Nationwide has reportedly agreed to sell its Project Adelaide portfolio to Oaktree Capital Management for a 24% discount to face value.

According to UK news reports, the €850 mln non-performing loan package is being acquired in its entirety by Oaktree for a price of €650 mln.

The portfolio is secured against around 200 retail and office properties in Germany.

Oaktree is understood to be financing the loan portfolio with a facility from US insurance group AIG.

Deloitte advised Nationwide on the sale.