Britain’s Lloyds Banking Group has sold a portfolio of Irish commercial loans to a consortium, including Goldman Sachs and Bank of Ireland, for a total €1.2 billion.
The portfolio was sold to a group comprising of Ennis Property Finance; which is affiliated to Goldman Sachs, Feniton Property Finance Limited; affiliated to US specialist investor CarVal; and Bank of Ireland.
Lloyds said the gross assets of the portfolio were £2.6 billion, of which £2.3 billion were impaired.
The assets made a loss of £130m in 2014.
Bank of Ireland said that, as part of the transaction, it acquired a portfolio of around €200m performing commercial loans, which comprised of 650 SME and commercial real estate firms.
