Wells Fargo & Co. has acquired Bank of Ireland's $1.4 billion U.S. commercial real estate (CRE) loan portfolio, which consists of 25 loans covering property in Boston, New York and Washington, D.C.
The Wall Street Journal reports that the sale, which has not been finalized, came via a bidding process that attracted offers from more than 25 major real estate investors and banks. The loans were sold at close to face value, according to people familiar with the transaction.
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.
