Green in Lloyds asset management deal

GREEN Property has signed an agreement with Lloyds Banking Group making it favourite to manage any of the bank’s €1 billion worth of commercial property assets should they go into receivership within the next five-to-seven years.

Any receiver appointed to Lloyds’ Irish-based commercial property portfolio will have final say as to who they employ to manage the properties, but Lloyds will advise Dublin-based Green Property as their preferred choice. The retail, office and industrial aspects of the portfolio are likely to interest Green the most.

“This initiative will increase our ability to achieve an enhanced recovery for the underlying assets, whilst doing so in a considered manner,” Richard Dakin, managing director of Lloyds’ corporate real estate business support unit, said.