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Shortlist emerges for Lloyds' ‘difficult’ €850m Project Chamonix NPL

Lloyds Banking Group has shortlisted Cerberus Capital Management, Apollo Global Management, Goldman Sachs Special Situations Fund and Morgan Stanley Real Estate Funds to acquire the €850m Project Chamonix non-performing loan (NPL) portfolio, CoStar News can reveal.
By James Wallace
January 7, 2013 | 4:15 P.M.

Project Chamonix is comprised of 18 loans, from 11 borrowers, secured by around 250 properties made up of largely discounted supermarkets in regional towns in Germany as well as DIY stores. The annual rental income from Project Chamonix is around 60m, while there is a concentration of properties from one individual borrower.

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