Anglo Irish bidding war comes to a close

New York /
Aug.August 29, 2011 08:30 AM

Private equity firms Lone Star Funds, Wells Fargo and JPMorgan Chase have triumphed in the battle for Anglo Irish Bank’s $9.5 billion portfolio of U.S. commercial real estate loans, sources told the Wall Street Journal. Lone Star took pools of non-performing and sub-performing loans worth around $5 billion, while Wells Fargo and JPMorgan Chase are to purchase pools of performing loans, worth $3 billion to $3.5 billion and $1 billion to $1.5 billion respectively.
Anglo Irish reportedly raised an amount within its broker’s early price guidance of $7 billion to $8 billion, the Journal said.

The sales are expected to close in October. The offering includes loans backed buildings from Manhattan — including the Apthorp at 390 West End Avenue — to Beverly Hills, Calif. Wells Fargo also won an auction for Bank of Ireland’s $1.4 billion U.S. commercial real estate loan portfolio, earlier this month. [WSJ]


Related Articles

arrow_forward_ios
JPMorgan CEO Jamie Dimon and 270 Park Avenue (Getty, Google Maps)
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
David Wolkoff of G&M Realty. (Getty, 5Pointz LIC)
Wolkoff family firm snags $350M loan for 5Pointz
Wolkoff family firm snags $350M loan for 5Pointz
The “flexible hybrid model” is set to debut in July in North America (iStock)
Et tu, Ford? Automaker lets 30K workers stay home post-pandemic
Et tu, Ford? Automaker lets 30K workers stay home post-pandemic
55-15 Grand Avenue, Queens; Phil A. Belling of LBA Realty; Jamie Dimon of JPMorgan Chase (Getty, RXR/BL Architects)
LBA lands $316M loan for Amazon warehouse in Maspeth
LBA lands $316M loan for Amazon warehouse in Maspeth
 JPMorgan’s Marianne Lake (Getty, iStock)
JPMorgan walks back some mortgage constraints
JPMorgan walks back some mortgage constraints
JPM asset CEO Mary Callahan Erdoes and 605 Third Avenue (Getty; Google Maps)
JPMorgan eyes $600M valuation for Third Ave office tower
JPMorgan eyes $600M valuation for Third Ave office tower
Cushman & Wakefield CEO Brett White and JPMorgan CEO Jamie Dimon (Cushman & Wakefield; Getty)
Cushman’s $3B debt load poses default risk
Cushman’s $3B debt load poses default risk
JPMorgan Chase CEO Jamie Dimon (Getty, iStock)
JPMorgan wants to invest $700M building rentals in Sun Belt states
JPMorgan wants to invest $700M building rentals in Sun Belt states
arrow_forward_ios

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

Loading...