Permanent TSB has sold €215m worth of loans which were held by its British subsidiary, CHL.

The loans, which are secured against buy-to-let properties in Britain, were sold as part of the bank’s ongoing deleveraging strategy.

The bank would not disclose details of the transaction, including the identity of the purchaser, but said the price agreed was 40% higher than what had been offered when the loan book was put on the market two years ago.

CHL manages a British buy-to-let loan book worth €7bn, and will continue to manage the loans just sold as part of a separate commercial agreement.