RCA in the commercial property press:

Private Equity Firms Pair-Off and Line Up for Anglo Irish's US Loan Portfolio

Bloomberg reports: Bids are due for the massive Anglo Irish Bank Corp portfolio of US commercial property loans on August 9, and the competition is heating up. Bloomberg recently identified the four leading bidders for the pool of loans valued at $9.7 billion, which currently includes Centerbridge Capital Partners LLC and American International Group, Blackstone Group LP and Deutsche Bank AG, as well as Paulson & Co and BlackRock Inc that are mulling standalone offers.

Of the portfolio itself, Real Capital Analytics’ Ben Carlos Thypin told Bloomberg that, “These consortia may be leading this process because they have sufficient firepower and expertise to take down the whole portfolio…A winning consortium is likely to retain some of the assets and quickly flip the rest to smaller firms that were unable to compete in the auction.”

The portfolio includes loans on US commercial and multifamily properties, and potential bidders may make an offer on the entire portfolio or for one of eight segregated pools within. Anglo Irish Bank was nationalized by Ireland’s government in 2009.

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Posted by: Nina Turner

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