Lloyds Banking Group said today it had agreed to sell a portfolio of UK corporate property loans to an entity affiliated with Cerberus European Investments for £90m sterling in cash.
The sale, part of the group's push to dispose of non-core assets, is expected to complete by the end of 2013. The gross assets subject to the transaction were £147m, the bank said.
The proceeds will be used for general corporate purposes. The sale is not expected to have a material impact on the group.