Tue, 03 May 2011 | COMMERCIAL PROPERTY
Lloyds Banking Group has put a batch of distressed property assets on the market in an effort to distance itself from its 'bad' real estate book.
The portfolio, which has been codenamed Flagstaff, consists of 38 varied usage British properties including industrial, office, leisure and retail premises. The price tag is more than £60 million for the properties, all of which had been owned by numerous investors before being placed in receivership.
The sale will mark the first time properties have been grouped together in this way, from different owners and in receivership. If the pioneering move is successful, Lloyds may undertake further large portfolio sales.
It is fortunate in this case that the appointed seller of the portfolio, Jones Lang LaSalle, is also the receiver of all the buildings included in the sale.
Lloyds' head of corporate real estate business support, Richard Dakin, said, "This latest initiative is another example of the work we are doing to manage our property book and deleverage our balance sheet.
"Having the assets under the control of common LPA receivers makes it possible for a portfolio transaction of this nature to happen and we are now advised that the market is likely to view such a portfolio sale very positively."
Lloyds instigated around £4 billion of property disposals in 2010 by either demanding an administration process or encouraging an investor exit. It has roughly £30 billion of bad real estate loans.
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