RBS acquires Project Aran for €1.38 billion

Royal Bank of Scotland Group, Ulster Bank’s parent company, has announced this morning that Cerberus has paid €1.38bn for the Project Aran, which had an unpaid loan balance of €5.6bn and gross liabilities of €6bn. Fending off still competition from Lone Star and a consortium comprised of CarVal Investors, Goldman Sachs’ special situations fund and Apollo Global Management.

Project Aran was comprised of approximately 1,300 borrower groups, over 6,200 loans with around 5,400 properties. More than 75% by loan balance is secured by Irish assets and about 20% in Northern Ireland, with more than 90% of the loan portfolio in default.

Project Aran was upsized from an initial circa €1.7bn portfolio, back in October – View Previous Article

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