PTSB's €481m loans sold off

Banking

Permanent TSB said it has agreed to sell Irish commercial property loans with a face value of €481m to Cheldon Property Finance, an investment vehicle of US based CarVal Investors. The State-owned bank declined to say how much is was paid for the customer loans, though it is likely to be a significant discount to the amount outstanding.

The bank said the sale is in line with its strategy of selling off non-core assets. It has sold €6bn of loans in the past eight months.