From left: Anglo Irish buildings the Apthorp in New York and the
Mandarin Oriental in Boston
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]