Lloyds has confirmed the sale of £1.47bn Project Lane non-performing loan (NPL) portfolio to Risali, an affiliate of Apollo Global Management, for £149m.
The portfolio generated losses of £202m in the year to 31 December 2011.
The deal follows Friday’s sale of the smaller €350m (£281m) Project Pittsburgh to a joint bid by CarVal Investors and Centerbridge Partners for €35m. The two portfolios together comprise Project Pittlane Irish NPL.
The combined deals mean that the average price paid is just over 10p in the pound.
Lone Star was the underbidder for the Project Lane portfolio, while CarVal and Centrebridge Partners beat a bid from Matahon for the Pittsburgh part.
Taken together, the loans behind Project Pittlane are made up of more than 700 individual loans, made by the Bank of Scotland in the past decade to Irish property firms and investors.
It is believed that there are 500 properties securing the loans and around 50 different borrowers.
david.harris@estatesgazette.com
