Friday 26 May 2017

Equity giants win €7bn Anglo loan book

Ronald Quinlan

Ronald Quinlan

ANGLO Irish Bank has selected the winning bidders for its $9.5bn (€6.55bn) portfolio of US commercial property loans, Bloomberg News reported last night.

Quoting sources familiar with the matter, Bloomberg identified private equity giants Lone Star Funds, Wells Fargo & Co and JP Morgan Chase & Co as the winning bidders.

Lone Star is said to have won out in the bid for a parcel of non-performing and sub-performing loans, while Wells Fargo and JP Morgan Chase were said to be buying pools of primarily performing loans.

Spokesmen for all three companies declined to comment when contacted by Bloomberg, as a did a spokeswoman for Anglo Irish Bank in Dublin.

Anglo Irish Bank's American portfolio was the largest pool of troubled commercial property loans to hit the US market since the onset of the economic downturn.

The portfolio includes debt related to some 250 properties, from New York apartment buildings to a Beverly Hills shopping centre to the Palmer House Hilton in Chicago.

It drew bidding interest from more than two dozen real estate investors.

Sunday Independent

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