Citi, Morgan Stanley back Lone Star’s £2.2bn Project Churchill win

Citi and Morgan Stanley are financing Lone Star's £2.2bn purchase of Aviva's Project Churchill, which comprises a portfolio of loans and real estate assets valued at around £2.4bn. The two banks are reported to be in the deal for an equal share of up to £1.5bn of financing to Lone Star, who saw off Apollo Global Management and Cerberus Capital Management to win the portfolio. Both banks are expected to syndicate their loans.