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.
The company is a retailer of used cars, operating a popular e-commerce website that attracts customers nationwide. The business sells high-quality used vehicles, offering a comprehensive range of popular makes and models, and all its vehicles are ful...
LEASEHOLD
An opportunity exists to invest in an exciting Specialist Tour Operator which supplies tour operator services to UK inbound tourist from Mainland China. The Company arranges hotels, travel and tours in London and other UK destinations to foreign cust...
LEASEHOLD
An opportunity exists to purchase the assets of a UK based energy company providing Energy Storage and Peak Power Generation.
27
|
Mar
|
Acquisitive IT firm makes latest deal after securing fresh funding | BUSINESS SALE
Everything Tech Group, an acquisitive Manchester-based manag...
27
|
Mar
|
Corby telematics firm sold to EOT | BUSINESS SALE
An international telematics company based in Corby has been ...
26
|
Mar
|
Fairstone completes latest acquisition with Nottingham deal | BUSINESS SALE
Financial planning consolidator Fairstone Financial Manageme...
28
|
Nov
|
Walsall health firm acquires 36 former Lloyds pharmacies | BUSINESS SALE
Jhoots Pharmacy, a community health business based in Walsal...
29
|
Jul
|
Embark Group acquired by Lloyds at 11.6x revenue | BUSINESS SALE
Savings and pensions provider Embark Group has been acquired...
17
|
Feb
|
McKesson eyes £400m sale of Lloyds Pharmacy | BUSINESS SALE
US-based group McKesson has hired bankers to explore a poten...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.