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.
Utilities Company providing two primary services; utility and telegraph pole replacement and installation. Along with an overhead and underground cabling division.
Anderson Shaw are pleased to be able to offer for sale a bespoke UK based tour operator, with full ATOL protection, which offers luxury five star holidays to high and ultra-high net worth individuals and their families.
LEASEHOLD
Established for over 20 years, this successful family run business operates in the Insulated Glass Units sector (IGUs).
08
|
Nov
|
West End attraction behind Glasgow solicitors deal | BUSINESS SALE
Solicitors Macdonald Henderson has acquired Glasgow counterp...
08
|
Nov
|
Pre-pack deal saves over 30 jobs at Grimsby fish firm | BUSINESS SALE
A Grimsby-based seafood wholesaler has been bought out of ad...
08
|
Nov
|
LendingMetrics eyes M&A following LDC investment | BUSINESS NEWS
Credit risk technology group LendingMetrics is on the hunt f...
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.