Lloyds sells portfolio of Irish mortgages to Goldman Sachs and CarVal

By Reuters

Dec 03, 2014 02:07 AM EST

Lloyds Banking Group (LLOY.L) has sold a 1.6-billion-pound ($2.50 billion) portfolio of Irish mortgages to Goldman Sachs (GS.N) and CarVal, a private equity group, the Financial Times newspaper reported.

The deal, codenamed Project Parasol, was finalised at purchase price of slightly less than half of the face value of the underlying assets, FT reported, citing people familiar with the matter. (on.ft.com/1wldpVP)

The portfolio consists of buy-to-let residential mortgages and commercial mortgages, including for offices, retail properties and industrial sites, the FT said.

Lloyds declined to comment. CarVal and Goldman Sachs were not immediately available for comment.

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