Project Stone - one of IBRC's commercial project loan portfolio - has been divided between three separate individual and consortium private equity funds and investment banks, reports say this evening.

According to UK property website Co-Star News, KPMG - the special liquidators of IBRC - have carved up the roughly €9.3 billion Project Stone loan portfolio.

The website said that Deutsche Bank has won the two largest tranches within the portfolio - tranches six and seven. These include the highest quality assets within Project Stone.

CarVal Investors and Goldman Sachs Special Situations Fund, along with minority equity partner Pepper Assets Services, have won tranches 1, 2 and 4. Co-Star noted that tranches 1 and 4 were among the most distressed and traded for the steepest discounts.

Lone Stone are said to have won tranches 3 and 5, as well as a small number of loans originally within tranche 7.

CarVal Investors also won tranche 8 on its own. 

Project Stone is a heavily distressed commercial property loan portfolio, with 42% of the unpaid balance - €3.9 billion - secured by Irish assets, 40% (€3.7 billion) secured by UK assets, 15% (€1.39 billion) secured by European assets with the rest (€279m) secured by properties around the world. 

Last month, IBRC's Special Liquidators sold a second loan portfolio - Project Rock and Salt - with a book value of €7.3 billion.