News Column

Lloyds to sell real estate loans

June 6, 2014

Lloyds Banking Group has agreed the sale of a portfolio of UK commercial real estate loans to Promontoria Holding 109 BV, an affiliate of Cerberus Global Investors, for a cash consideration of pound(s)352 million. It said the transaction continued its non-core portfolio asset reduction programme. The gross assets were valued at pound(s)536m and generated a loss of pound(s)17 million last year. The sale proceeds will be used for general corporate purposes and the transaction will not affect Lloyds' capital position, due to existing provisions taken against the assets.

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Source: Herald, The (Scotland)

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