Bank of Ireland Plc, the nation’s largest bank, hired broker Holliday Fenoglio Fowler LP to advise it on the sale of its U.S. commercial property business, which includes $1.5 billion in performing loans.
The loans are primarily on commercial real estate in New York, Boston and Washington, Dublin-based Bank of Ireland said in an e-mailed statement today. The U.S. property unit is “high-performing and profitable,” Paul McDonnell, head of the bank’s global property finance book, said in the statement.
Irish regulators directed Bank of Ireland in March to reduce its loan portfolio by about 30 billion euros ($43.7 billion), or 26 percent, by the end of 2013. Chief Executive Officer Richie Boucher said in April that the company will sell about 10 billion euros of loans and wind down other holdings.
Holliday Fenoglio is owned by Pittsburgh-based HFF Inc.