U.S. private equity group Cerberus has acquired £2.3 billion in distressed commercial real estate debt, comprising £1.2 billion from National Australia Bank and £1.1 billion from Royal Bank of Scotland.
The loans acquired from RBS include mortgages on more than 5,000 commercial properties, among them shops, offices and hotels, with three-quarters located in the Republic of Ireland and the remainder in Northern Ireland. The deal is expected to be finalized in the next three months.
The loan portfolio purchased from NAB is part of the Australian bank’s strategy of divesting its U.K. investments, and leaves it with a portfolio of performing loans totaling £836 million.
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