6 June 2012
Lloyds Banking Group today agreed the sale of the bulk of what is left of its Australian commercial property loans book to a joint venture between Morgan Stanley and Blackstone.
The £809 million portfolio of loans, which was largely built up by the former Bank of Scotland part of Lloyds, has been sold for just under half its face value for £388 million.
The bank said it had already written down the loans by just over 50% so the sale at a loss will not have a material impact on it. The loans accounted for losses of £183 million last year.
