09.12.2013 08:12:26

Lloyds Banking To Sell Portfolio Of UK Corporate Real Estate Loans

(RTTNews) - Lloyds Banking Group plc (LLOY.L, LYG) announced it has agreed the sale of a portfolio of UK corporate real estate loans to Promontoria Holding 87 B.V., an entity affiliated with Cerberus European Investments, LLC for 90 million pounds. The transaction is part of the Group's continued non-core asset reduction programme.

The gross assets subject to the transaction are 147 million pounds. The portfolio generated profit of 1 million pounds in the year to 31 December 2012.

Lloyds Banking said it will use the sale proceeds for general corporate purposes and the transaction, although capital accretive, is not expected to have a material impact on the Group.

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