Lloyds disposes of non-core portfolio

Lloyds Banking Group has agreed to sell its portfolio of UK commercial real estate loans to Promontoria Thames, which is affiliated to Cerberus Global Investments.

Lloyds Banking Group has agreed to sell its portfolio of UK commercial real estate loans to Promontoria Thames, which is affiliated to Cerberus Global Investments.

The portfolio, which generated losses of £47m in 2012, was sold for £325m as part of the group's non-core asset reduction.

In a statement Lloyds said: "The sale proceeds will be used for general corporate purposes and the transaction is not expected to have a material impact on the group due to significant impairment provisions held against the portfolio."

The transaction is expected to complete in the final quarter of 2013.

NR

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