Lloyds Banking Group has received initial bids of around £650 mln for a commercial property debt portfolio with a face value of £1 bn, according to a news report in the Financial Times. If the deal goes through, the bank would be looking at a discount of 35% in what would be the lender's first sale of a distressed property loan package.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
