Lloyds Banking Sells European Commercial Real Estate Loans for EUR280 Million
March 20 2014 - 3:54AM
Dow Jones News
By Ian Walker
LONDON--Lloyds Banking Group PLC (LLOY.LN) said Thursday it is
selling a portfolio of European commercial real estate loans to
MELF Sarl, an entity affiliated with Marathon Asset Management LP,
for 280 million euros ($389.46 million) as part of its strategy to
reduce its non-core run-off portfolio.
The 33%-government-owned bank added that the sale won't have a
material effect on the group, including on its capital position,
due to existing provisions taken against these assets. It will use
the money raised for general corporate purposes.
Lloyds expects the sale to complete in the second quarter of
this year.
Shares closed Wednesday at 79 pence, valuing the company at
GBP56.49 billion.
Write to Ian Walker at ian.walker@wsj.com
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