Four private equity consortiums are competing to buy Anglo Irish Bank’s $9.65bn US loan portfolio. The debt has been split into eight tranches, the largest being $2.26bn of distressed office and industrial loans. Blackstone is working with Deutsche Bank to make a bid by the 9 August deadline, while Westbrook Partners has teamed up with KKR.
Centerbridge Capital Partners is working with American International Group, Paulson & Co and Blackrock. TPG Capital is paired up with LoanCore Capital. Colony Capital may bid for the portion of loans deemed sub-performing and non-performing, equivalent to about $5.5bn of debt, reported Bloomberg.
The process is being led by Eastdil Secured and FTI Consulting, and includes 248 loans in total. Meanwhile, Bank of Ireland is selling its $1.5bn US loan book and plans to sell or run down its remaining £1.5bn of UK loans, after offloading most of its £19bn loanbook to Ireland’s National Asset Management Agency.