JPMorgan, Wells Fargo final bidders for Anglo Irish property loans

JPMorgan Chase and Wells Fargo are two of the banks among the final candidates that bid for parts of $9.65 billion in
U.S. property loans owned by Anglo Irish Bank
, Bloomberg News
reported. The lenders are interested in acquiring pieces of the $4.52
billion of performing loans. Investor groups led by private-equity
firms Blackstone Group, together with Deutsche Bank, and Lone
Star Funds also submitted offers for parts of the portfolio, which
includes $5.13 billion of subperforming and non-performing debt,
according to Bloomberg News. Anglo Irish aims to sell off its loans
after it was seized by the Irish government in January 2009 during a
surge in souring debt.

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The offering includes loans backed buildings
from Manhattan — such as the Apthorp at 390 West End Avenue — to Beverly Hills, Calif. The holdings include a loan on the Apthorp building at 390 West End Avenue. The competition shows the
appetite for real estate loans by private-equity firms and banks
looking to grow their assets even though the global economic
recovery appears to be stalling, according to Bloomberg. A winner is
expected to be chosen by early next week, after Anglo Irish’s board of
directors discusses the final bids at a meeting today. [Bloomberg]