Lloyds Lands $147M For RE Loan Portfolio

Law360, New York (December 9, 2013, 1:52 PM EST) -- English financial services group Lloyds Banking Group PLC said Saturday it will sell a portfolio of its U.K. corporate real estate loans to Promontoria Holding 87 BV for £90 million ($147.4 million), as part of the company's continued effort to sell off nonessential assets.

According to a statement released by Lloyds, while the portfolio it is selling to Promontoria — a Cerberus European Investments LLC affiliate — generated £1 million in profits in 2012, it is considered a noncore part of the company. Lloyds said that...
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