Lloyds sells distressed Irish loans to Apollo for 90% discount
Lloyds Banking Group agreed to sell £1.5 billion pounds of Irish commercial real estate loans to Apollo Global Management for 10 per cent of face value.
Lloyds Banking Group, Britain’s biggest mortgage lender, agreed to sell £1.5 billion pounds (€1.9 billion) of Irish commercial real estate loans to Apollo Global Management for 10 per cent of face value.
Apollo will pay £149 million in cash, London-based Lloyds said in a statement today. The loans generated £202 million pounds of losses in 2011, the bank said.
“The transaction is not expected to have a material impact on the group due to the...
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