AIB Project Pivot offload bid revived

AIB’s attempt to offload a portfolio of British-based property loans valued at €245m has been revived after an earlier deal collapsed at the start of the week.

It was reported by CoStar News that after restructuring the loan portfolio by rem-oving about 40 loans, the portfolio known as Project Pivot is now being looked at by four interested parties: Cerberus Capital Management; a joint bid by Kennedy Wilson and Deutsche Bank; Telereal Trillium; and a fourth hedge fund bidder.

The four bidders were selected at the end of July, in a sales process managed by Citigroup.