US investment firms bid for Lloyds Irish loans
US investment firms Lone Star Funds and Kennedy-Wilson Holdings are among remaining bidders for parts of about two billion euros of mainly Irish real estate loans that Lloyds is selling, according to Bloomberg reports.
US investment firms Lone Star Funds and Kennedy-Wilson Holdings are among remaining bidders for parts of about two billion euros of mainly Irish real estate loans that Lloyds is selling, according to Bloomberg reports.
Lloyds has attracted bids of 10 to 15 cents in the euro for the so-called Pittlane portfolio.
Lloyds decided two years ago to close and run down the Irish unit it acquired two years earlier as part of its 2008 takeover of HBOS.
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 bank has already taken £11.8bn of impairment charges on Irish loans since the nation's real estate market collapsed four years ago, according to data compiled by Bloomberg News.
Irish commercial real estate prices have plunged by two-thirds from their 2007 peak, according to Investment Property Databank, while residential property values have fallen by 50%, according to the country's statistics office.
CM
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
8 of the best properties for sale for around £1 million
The best properties for sale for around £1 million – from a Grade II-listed former watermill in Torpoint, Cornwall, to a two-bedroom apartment close to London’s Kensington High Street
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefs
MPs want the government to delay changes to inheritance rax reliefs for farmers