Lloyds sells UK real estate loans to Cerberus

December 09, 2013 - 11:11:34 am

LONDON: Lloyds Banking Group said on Monday it had agreed to sell a portfolio of British corporate real estate loans to an entity affiliated with Cerberus European Investments for 90 million pounds or $147 million in cash.

The sale, part of the group's push to dispose of non-core assets, is expected to complete by the end of 2013.

The gross assets subject to the transaction were 147 million pounds, the bank said.

The proceeds will be used for general corporate purposes.

The sale is not expected to have a material impact on the group. (Reuters)

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