PacWest Bancorp to sell real estate loans to Kennedy-Wilson subsidiary (updated)

Kennedy-Wilson Holdings

22/05/2023 11:23

(Adds details about loan balance in paras 1, 2, transaction
closure in para 3)
       May 22 (Reuters) - Regional lender PacWest Bancorp
 PACW.O  said on Monday it entered into an agreement to sell a
portfolio of 74 real estate construction loans with an aggregate
principal balance of around $2.6 billion currently outstanding
to a subsidiary of Kennedy-Wilson Holdings Inc  KW.N . 
    PacWest said in a filing it will also sell an additional six
real estate construction loans with an aggregate principal
balance of approximately $363 million to Kennedy-Wilson. 
    The transaction is expected to close in multiple tranches
during the second quarter and early part of the third quarter of
2023.
    
    

 (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Mehnaz.Yasmin@thomsonreuters.com;))