Tue, 20 Sep 2011 | BUSINESS SALE
Lloyds Banking Group’s spate of strategic asset offloading looks set to continue with the sale of a £1 billion swathe of commercial property loans.
Private equity groups, pension funds and overseas investors are thought to be very interested in the sale - being managed by JPMorgan Cazenove - which features various loans made on high street shops, offices and factories. It is understood that Lloyds aims to target only a few investors with this sale.
Lloyds has, so far, only sold larger loans on a one-off basis. Putting a portfolio of loans on the market could be seen as a more aggressive step for the bank, which is speeding up the process of unwinding its £24 billion “bad” loan book.
Lloyds began its first sale of a portfolio of distressed property assets, which were derived from 38 various receiverships, in May this year, with a guide price of over £60 million.
The bank has about £23.7 billion of bad real estate loans, and was involved in the sale of about £4 billion worth of real estate sales in 2010, achieved by either pushing for an administration process or promoting an investor exit.
Lloyds has also announced the auction of The Garden Centre Group this week, which it aims to complete by the end of this year.
Read the story - Garden Centre Group to be auctioned off by Lloyds.
In a prime location, this freehold business opportunity includes a detached, well-equipped bakery factory along with a retail outlet and cafe, all part of a family business with a century of trading history.
Established in key industries like power generation and rail, this company offers specialised electrical and engineering services across the UK and Ireland, boasting strong relationships with blue-chip clients and a reliable income stream.
This well-established company has a decade-long track record in a growing market and is fully relocatable or can be operated remotely, providing flexibility for the new owner.
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