The Blackstone Group, Kohlberg Kravis Roberts & Co. and Paulson & Co. are all among the well known investors contemplating bids for the $10 billion dollar portfolio of U.S. commercial real estate loans to be sold by Anglo Irish Bank, sources close to the situation told Dow Jones Newswires on Tuesday.
According to the Fox Business Network the major U.S. heavy hitters are reportedly considering either individual bids or teaming up with other interested parties.
Blackstone is currently working with Deutsche Bank and recent reports suggest that Kohlberg Kravis Roberts & Co. is working with Westbrook Partners; meanwhile Paulson is working in a consortium with American International Group Inc. Centerbridge Capital Partners and BlackRock Inc.
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It's expected that Anglo Irish will sell their assets at a slight discount to face value only, which reportedly hover around $9 billion. T
This decision may be driven by the recovery in commercial property values in major US cities, where many of Anglo Irish's loans are concentrated.
Anglo Irish's portfolio includes assets such as the Mandarin Oriental hotel in Boston; and loans on the Apthorp condominium conversion project in New York and the Palmer House Hilton in Chicago.