Private equity firm Lone Star and JPMorgan have agreed to acquire the Dutch bad bank, officially named Propertize BV, for $989M.
JPMorgan and Lone Star competed for the bid against more than 40 buyers, including a venture between Goldman Sachs and Cerberus Capital. The transaction will likely close this September, Bloomberg reports.
The Dutch bank–which held $3.81B in assets as of December–had been given a decade to dispose of its soured real estate assets after government-owned SNS Reaal NV was nationalized in 2013, and last year the Dutch government decided to privatize the bank and sought buyers. [Bloomberg]
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