Property investment firm Development Securities said it had bought a portfolio of bank loans for 40 million pounds.
The loans are secured against 17 investment and development assets in London and the South East of England.
It consists of 76% commercial and 24% residential assets.
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 company said it had completed the acquisition "within its own resources" and expected to realise the repayment of the loans through the sale of their underlying property assets as rapidly as markets allowed.
The company said it anticipated that returns generated from the sale of the properties would be similar to those normally achieved within its current risk adjusted return parameters.
It gave no more detail, citing "contractual confidentiality and commercial sensitivities".
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
