Lloyds To Sell EUR380 Million Property Loans To Cargill - Report

Date : 12/02/2012 @ 9:43AM
Source : Dow Jones News

Lloyds To Sell EUR380 Million Property Loans To Cargill - Report

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LONDON--Lloyds Banking Group PLC (LYG) has agreed to sell a 380 million euro ($493 million) portfolio of Irish property loans to CarVal, an investment wing of grain trader Cargill Inc., the Sunday Times reports.

Without naming sources, the report said CarVal "is rumored" to have paid 25 pence in the pound for the portfolio, which includes suburban industrial estates, offices and hotels.

The loans were from HBOS, the bank which was rescued by Lloyds during the height of the financial crisis in 2008.

Spokespersons for Lloyds and Cargill couldn't be immediately reached for comment.

Newspaper website: www.thesundaytimes.co.uk

Write to Vladimir Guevarra at vladimir.guevarra@dowjones.com. Twitter: @Vlad_DowJones

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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