Lloyds to sell ?900 million property debt to Lone star (www.lloyds.com)

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Posted by Josh on December 28, 2011 ? Leave a Comment?

Lloyds banking group; which is currently eh second largest part government owned bank in the united Kingdom, has announced that they will be selling off around 900 million pounds of property debt. The bank will be selling around $1.41 billion of their mortgage backed loans to the Lone Star funds company.

Lone Star will be purchasing the loans from Lloyds after funding was provided by both the Royal Bank of Canada and Citigroup for the buyout. Lone Star is a company that is based in Dallas in the United States and made the announcement via and email based statement this week. This is actually the second sale to go ahead this week of commercial real estate loans by a taxpayer assisted bank in the UK. The Royal Bank of Scotland earlier finalised a deal that will see them sell ?1.36 billion of their real estate loans to the Blackstone Group. This is another US based private equity company.

Lloyds has said in a statement that they are confident that Lone Star Funds will be able to deliver a constructive solution to the property sector loans. Lloyds is currently 41 percent owned by the UK taxpayer.

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Source: http://www.boosharticles.com/34421/lloyds-to-sell-900-million-property-debt-to-lone-star-www-lloyds-com

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