Wells Fargo & Co. had the winning bid for the Bank of Ireland's commercial real estate portfolio, consisting of 25 loans for properties in Boston, New York and DC, picking up the portfolio for $1.4 billion according to a Wall Street Journal report. The loans were sold near their face value. The sale is part of Bank of Ireland's deleveraging efforts; in March Bank of Ireland was ordered by the country's financial regulator to cut its portfolio by a quarter after hitting financial difficulty
A spokesman for Wells Fargo declined to comment, as did a broker for HFF LP, which handled the Bank of Ireland sale according to the WSJ. This is the second acquisition this year by Wells Fargo of an Irish bank's CRE loan portfolio. The San Francisco-based financial services institution had previously teamed with Blackstone Group LP to buy approximately $1 billion in CRE loans from Allied Irish Banks PLC.
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