Wall Street heavyweights weigh bids for Anglo Irish U.S. portfolio

TRD New York /
Jul.July 20, 2011 10:11 AM

In a sign of Wall Street’s recovering interest in commercial property, banks such as Deutsche Bank AG, Goldman Sachs and JPMorgan Chase are weighing bids for parts of Anglo Irish Bank’s $9.5 billion U.S. real estate portfolio, according to the Wall Street Journal.

The portfolio, the largest to hit the market since the start of the recession, offers a relatively low risk opportunity to jump back into commercial property, the Journal said, as the majority of debt is concentrated in large cities such as New York, California and Chicago. There are around 250 properties in total.

“It’s the first foreign bank to sell its entire U.S. loan portfolio, and it will be a good test of the market,” said Robert Ivanhoe, head of the global real estate practice for the law firm Greenberg Traurig.

Other banking institutions such as Bank of America and Citigroup are seeking to finance bids for the portfolio or parts of the portfolio by private equity firms such as the Blackstone Group and Starwood Capital Group.

Others foreign banks may follow Anglo Irish’s lead if the sale goes well. Royal Bank of Scotland is looking to offload more than $6 billion in U.S. loans, the Journal said.

Bids are due in the second week of August. Eastdil Secured and FTI Consulting are advising on the sale. [WSJ]


Related Articles

arrow_forward_ios
Companies are relying on surveys and other data points to determine who will come back to offices first. (iStock)

How do companies decide who should return to offices first? It’s tricky

How do companies decide who should return to offices first? It’s tricky
Deutsche Bank CEO Christian Sewing and Deutsche Bank's Manhattan headquarters at 60 Wall Street (Getty)

Deutsche Bank: Employees can stay home until mid-2021

Deutsche Bank: Employees can stay home until mid-2021
From left: Joe Biden, Starwood Capital's Barry Sternlicht, Blackstone's Stephen Schwarzman and Donald Trump (Getty; iStock)

Where real estate’s investment giants stand on Biden vs. Trump

Where real estate’s investment giants stand on Biden vs. Trump
Jamie Dimon and 383 Madison Avenue (Getty, Google Maps)

JPMorgan suffers setback in return to office

JPMorgan suffers setback in return to office
Stuyvesant Town (Getty)

Layoffs at Blackstone’s Stuy Town management firm

Layoffs at Blackstone’s Stuy Town management firm
Brookfield’s Bruce Flatt and Blackstone’s Jonathan Gray

Blackstone and Brookfield are going mall shopping in India

Blackstone and Brookfield are going mall shopping in India
Deutsche Bank CEO Christian Sewing and President Donald Trump (Sewing by Thomas Lohnes/Getty Images; Trump by Drew Angerer/Getty Images)

Deutsche Bank probed in Manhattan DA’s Trump Org investigation

Deutsche Bank probed in Manhattan DA’s Trump Org investigation
From left: Jared Kushner, 715 Park Avenue, Deutsche Bank CEO Christian Sewing, and Rosemary Vrablic (Credits: Kushner by BRENDAN SMIALOWSKI/AFP via Getty Images; 715 Park via Google Maps; Sewing by by Thomas Lohnes/Getty Images; Vrablic by PAUL LAURIE/Patrick McMullan via Getty Images)

Apartment sale to banker for Trump and Kushner probed

Apartment sale to banker for Trump and Kushner probed
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...