Cerberus Pays $421M For Lloyds RE Loan Portfolio

Law360, New York (September 24, 2013, 3:39 PM EDT) -- Lloyds Banking Group has sold a portfolio of European commercial real estate loans to affiliates of hedge fund giant Cerberus Capital Management LP for £263 million ($421 million), it said Tuesday, the U.K. firm's second loan portfolio sale to Cerberus this year.

Lloyds sold the portfolio of loans, which have gross assets of £371 million, to Cerberus Institutional Partners V LP and Cerberus International II Master Fund LP. The assets generated a £4 million profit in 2012, Lloyds said.

The divestment is part of Lloyds' long-term strategy to reduce...
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