Prelios SpA, the Italian asset manager studying a merger of two units with those of Fortress Investment Group LLC, said it expects Italian banks to sell as much as 50 billion euros ($69 billion) of bad loans in the next two-to-three years.
European property-loan sales will rise 65 percent to a record 50 billion euros ($69 billion) this year as improving economies in the region prompt investors to set aside more money for deals, Cushman & Wakefield Inc. said.
Lone Star Funds, the world’s biggest buyer of delinquent mortgages, renewed efforts to sell an office and banquet hall complex in Tokyo by including land in the offer, according to two people familiar with the sale.
Lone Star Funds, a U.S. private- equity firm, won an auction to purchase almost all of the former Anglo Irish Bank Corp.’s 6.3 billion-pound ($10.5 billion) U.K. loan book, two people with knowledge of the matter said.
Taiwan is delaying approval of CTBC Financial Holding Co.’s planned 52 billion-yen ($504 million) purchase of Japan’s Tokyo Star Bank Ltd. after finding internal- control breaches at CTBC’s banking unit.
Oregon’s state pension plan decided against increasing its investment in two real estate funds being raised by Lone Star Funds, the Dallas-based investment firm specializing in distressed mortgages and other property assets.