State-backed lender Lloyds Banking Group today said it has sold a package of commercial property loans to Cerberus, marking its third deal with the private equity firm in as many months.
Lloyds said Cerberus was paying £90 million in cash for the portfolio of commercial real estate loans, which have a book value of £147 million.
The deal is part of Lloyds chief executive Antonio Horta-Osorio’s strategy of reducing the group’s non-core assets, and the sale is expected to complete by the end of this month.
Last month Cerberus agreed to pay about £860m for a package of commercial property loans across Europe and the Nordic region. That followed a deal in September to buy another European loan portfolio for about £263m.