National Australia Bank has sold £1.2 billion of loans on commercial properties in the U.K., the latest in a series of divestments as it looks to exit the sector.
NAB will realize a small gain on the sale, to an affiliate of Cerberus Global Investors. The move reduces its exposure to the U.K. commercial real estate investment market to £836 million.
The loans being sold in the latest package are mainly defaulted or high-loan-to-value loans.
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