Lloyds Banking Group has agreed the sale of a portfolio of Irish commercial loans to a consortium comprising Ennis Property Finance, an entity affiliated to Goldman Sachs; Feniton Property Finance, an entity affiliated to CarVal and Bank of Ireland, for around £827 million.
The gross assets subject to the transaction are c.£2.6 billion, of which £2.3 billion were impaired and in the year to 31 December 2014 they generated pre tax losses of c.£130 million.
The Group said the sale is in line with its strategy of deleveraging its balance sheet by reducing run off assets and creating a low risk, UK focused bank.
The transaction is expected to complete in the last quarter of 2015.
