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Bloomberg Businessweek reports that BOS International of Lloyds Banking Group Plc is selling its distressed loans with the intention of leaving the commercial property market. The distressed loans are worth $2.2billion (A$2.1 billion) at face value. The sale will take several months to complete.
BOS International also sold real estate loans last November in New Zealand and Queensland with a face value of A$1.7 billion ($1.79 billion). Buyers included the Morgan Stanley Real Estate Fund and a venture between Goldman Sachs Group Inc. and Brookfield Asset Management Ltd.
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According to Peter Shear of Lloyds International, BOSI is looking to deleverage its non-core businesses and focus more on its core businesses.
Last Updated on March 15, 2012 by Ramin Seddiq