Lloyds offloads Crest Nicholson stake to Varde

first_img Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof whatsapp Share Wednesday 8 September 2010 8:22 pm LLOYDS Banking Group confirmed last night it has agreed to sell its interest in bank-owned housebuilder Crest Nicholson to US investment fund Varde. Lloyd’s has held around a quarter of Crest’s debt and 30 per cent of its equity since January 2009 when it took part in a debt-for-equity swap. The construction firm remains around 90-per owned by its lenders.“Lloyds Banking Group has reached an agreement in principle to sell its debt and equity stake in Crest Nicholson for a cash consideration,” said a spokesperson, who declined to disclose the sale price. “Lloyds Banking Group hopes to continue to support Crest Nicholson by providing its day to day banking services,” the spokesperson added.Crest’s 60-strong consortium of owners rejected a £350m offer from Hugh Osmond, the tycoon behind Pizza Express and Punch Taverns, in July. But Lloyds has long been looking to get rid of some assets taken on as part of its HBOS acquisition. Verde will become Crest’s largest shareholder by some margin. The Minneapolis-based fund focuses on real estate and alternative investments. Tags: NULL KCS-content Lloyds offloads Crest Nicholson stake to Varde Show Comments ▼ whatsapplast_img read more