Lone Star said on Thursday it had bought the Project Royal debt package from Lloyds at a price that represents about a 40pc discount to the portfolio's book value.
Citigroup and Royal Bank of Canada provided the financing to back Lone Star's acquisition of the portfolio, which comprises debt secured against commercial property worth about ?700m.
Richard Dakin, head of Lloyds' corporate real estate, business support unit, said: "We have continued 2010's momentum in deleveraging our corporate real estate loan book throughout 2011, despite what has been a significantly more challenging environment for property transactions."
Angus Dodd, managing director of UK real estate at Lone Star, said the private equity firm was able to provide "constructive solutions" to banks that are desperate to sell off exposures to real estate.
"As further deleveraging takes place in the property sector, the Lone Star funds are well-placed to invest in further opportunities as and when they arise," said Mr Dodd.
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