The Real Deal Miami

Anglo Irish bidding war comes to a close

August 29, 2011 10:18AM

Private equity firms Lone Star Funds, Wells Fargo & Co. and J.P. Morgan 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 J.P. Morgan Chase are to purchase pools of performing loans, worth $3 to $3.5 billion and $1 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]