Permanent TSB has agreed to sell £2.5bn of the Capital Home Loans (CHL) mortgage book as well as the CHL legal entity and its loan servicing platform.
This represents 50% of the total CHL mortgage book.
The acquirer of the loans is an affiliate of Cerberus Capital LP and the price was undisclosed.
Sale agreed on €3.5bn of Non-Core loans held by CHL in the United Kingdom.
Permanent TSB claimed the sale “provides certainty for the CHL Team and will enable them to grow and strengthen this servicing business under new ownership”.
The CHL Team, which consists of approximately 90 UK-based employees, will continue to service UK assets after the CHL deleveraging transaction announced today has completed.
The CHL Team will also service on behalf of the Group, on commercial terms, the residual CHL assets until such time as they are deleveraged.