Lloyds Unloads $1.3B Australia RE Loan Portfolio For $600M

Law360, New York (June 6, 2012, 5:45 PM EDT) -- Downsizing UK lender Lloyds Banking Group PLC has sold a $1.25 billion package of Australian loans backed by corporate real estate assets for more than $600 million to a joint venture sponsored by Blackstone Group LP and Morgan Stanley, Lloyds said Wednesday.

The London-based lender said it had sold the financially troubled portfolio to AET SPV Management Pty Ltd., a joint venture between Blackstone and Morgan Stanley's real estate division. 

Lloyds will use the proceeds of the sale to pay down down its debt, the company...
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