Goldman, Deutsche Bank said to compete for $4.8 billion of loans
By Bloomberg
Goldman Sachs Group Inc. and Deutsche Bank AG are competing to buy Irish real estate loans with a face value of 4.2 billion euros ($4.8 billion) from Lloyds Banking Group Plc, according to people with knowledge of the matter.
Initial offers were submitted earlier this month for the debt portfolio, known as Project Poseidon, which may sell at a more than 70 percent discount, according to one of the people, who asked not to be identified because the sale is private. CarVal Investors LLC submitted a joint bid with Goldman, the person said.
Lloyds, which has been extricating itself from Ireland since 2010, cut the size of its loan book by about half to 7.9 billion pounds ($12.5 billion) last year as it sold debt which was mostly in default, according to its annual report. The London-based bank’s Irish portfolio has shrunk from 29.1 billion pounds in December 2009.
Project Poseidon includes loans attached to residential projects, offices, retail, industrial and the leisure sectors, the Irish Times reported in May.
Sankaty Advisors, Bain Capital Partners LLC’s debt- investment unit, also submitted a first-round bid for part of the portfolio, according to two people.
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