Centerbridge, TPG Said to Be Among Bidders for Anglo Irish Loans
August 09, 2011, 7:24 PM EDTBy Jonathan Keehner and Jason Kelly
Aug. 10 (Bloomberg) -- Investor groups led by Centerbridge Capital Partners LLC, Blackstone Group LP and Lone Star submitted initial offers for Anglo Irish Bank Corp.’s $9.65 billion of U.S. property loans, according to five people with knowledge of the sale process.
TPG Capital, Cerberus Capital Management LP and Colony Capital LLC were among the bidders for all or some of the 248 loans, said the people, who asked not to be named because the auction is private. Cerberus is working with Oaktree Capital Group LLC and LNR Property LLC while TPG is pairing with Lubert- Adler Partners LP and Pacific Investment Management Co., according to the people. Blackstone is partnering with Deutsche Bank AG and Goldman Sachs Group Inc., and Centerbridge is teaming with American International Group Inc., Paulson & Co. and BlackRock Inc., the people said.
Anglo Irish, based in Dublin, is seeking to unload the loans, backed by buildings from Manhattan to Beverly Hills, California, after being nationalized two years ago. The competition underscores the appetite for real estate by private- equity firms that are pushing deeper into acquisitions as they seek profits beyond corporate buyouts.
Eastdil Secured LLC and FTI Consulting Inc. are advising Anglo Irish on the sale, the people said. The portfolio has been divided into eight pools, with the largest consisting of $2.26 billion of distressed office and industrial loans, according to an offering document from Eastdil.
--Editors: Daniel Taub, Josh Friedman
To contact the reporters on this story: Jonathan Keehner in New York at jkeehner@bloomberg.net; Jason Kelly in New York at jkelly14@bloomberg.net
To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christian Baumgaertel at cbaumgaertel@bloomberg.net
