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."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The transaction is expected to complete in the final quarter of 2013.
NR
-
Lloyds axes foreign currency fees for Club Lloyds customersClub Lloyds customers will be able to withdraw their money abroad without incurring any extra fees
-
How to invest during stagflationTrump’s tariffs look poised to push the global economy into a period of stagflation. We look at how to ensure your investments can survive a global slowdown.
