The Real Deal Miami

Wells Fargo picks up $1.5 billion Bank of Ireland portfolio

August 11, 2011 12:44PM

While others in the property market focused their attentions on the Anglo Irish Bank portfolio bidding war, Wells Fargo & Co. has quietly beaten out 25 real estate investors and banks, including Lone Star Funds, Blackstone Group and TPG Capital, to win Bank of Ireland’s $1.4 billion U.S. commercial real estate portfolio for close to face value, sources told the Wall Street Journal. The sale has not yet closed.
The 25 loans included in the portfolio are backed primarily by property in New York, Boston and Washington, and are classified as performing, the Journal said.
Bank of Ireland has been deleveraging by selling off its foreign assets in bulk, after Ireland’s financial regulatory body instructed the bank to reduce its loan portfolio earlier this year by 25 percent, or $43 billion, by the end of 2013.
Holliday Fenoglio Fowler represented the bank in the deal. [WSJ]