JPMorgan Chase and Wells Fargo have reportedly made final bids to purchase $4.52 billion of performing loans from Anglo Irish Bank Corp.’s $9.65 billion portfolio of U.S. commercial real estate, according to a Bloomberg report.
Private equity group Blackstone Group as well as distressed debt and equity investor Lone Star Funds have also submitted bids for at least $5.13 billion of sub-performing and nonperforming debt from the said portfolio.
The loans in the portfolio include those on Massachusetts office buildings and New Hampshire, South Carolina and Florida retail properties.
It also has New York City and Boston apartment buildings, Midwest warehouses and gas stations, and hotels located from Florida to Maine, according to market reports.
Anglo Irish and Irish Nationwide Building Society were both nationalized in 2009. The government has injected a combined €34.7 billion ($49 billion) into the two banks in the past two years and is winding them down over a 10-year period.
The sale of the U.S. real estate assets would require the finance minister's approval to be completed.
