Societe Generale (SocGen) is shedding property loans worth more than €600 million, Financial Times reports. The sale plan comes after the French lender accelerates its bid to cut exposure to the volatile sector. The loans, extended before the property market crash of 2007, have an approximate face value of €500 million.
SocGen has invited a series of bids, mainly from private equity buyers, for a portfolio of non-performing loans made on shops and offices scattered across France and Germany. PE firms that may have been invited include Blackstone, Carlyle Group, Lone Star and Oak Tree, as well as Italian hedge fund Chenavari.
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Financial Times Societe Generale Carlyle Group Lone Star Oak Tree