Cerberus Unit Pays $504M For Lloyds' Real Estate Loans

Law360, New York (May 10, 2013, 12:29 PM ET) -- Lloyds Banking Group PLC has sold a portfolio of U.K. commercial real estate loans to an affiliate of New York hedge fund giant Cerberus Capital Management LP for £325 million ($503.6 million) as the bank continues to shed noncore assets, Lloyds said Friday.

The London-based bank sold the underperforming portfolio to Promontoria Thames Ltd., an affiliate of Cerberus Global Investments LLC. Lloyds unloaded the portfolio of loans, which have combined gross assets of £527 million, at a roughly 38 percent discount.

Lloyds plans to use proceeds from...
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