Lloyds Banking Group has agreed the sale of a portfolio of Irish commercial real estate loans for £149 million to Risali Limited, an entity affiliated with New York-based Apollo Global Management investment business.
Lloyds said: "The [sale] is not expected to have a material impact on the group due to the significant impairment provisions held against the portfolio, which are higher than the average across the Irish wholesale book because of the particularly distressed nature of these assets."
It added: "The portfolio generated losses of £202m in the year to December 31, 2011. The gross assets subject to the transaction are £1,466m. This transaction is in line with the group's strategy of de-risking its balance sheet and reducing its non-core assets."
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