PacWest rises as co says will sell real estate loans to Kennedy-Wilson unit

Kennedy-Wilson Holdings

22/05/2023 11:33

** Shares of regional lender PacWest Bancorp  PACW.O  up
3.8% at $5.95 premarket 
    ** Says it has entered into deal to sell a portfolio of 74
real estate construction loans with aggregate principal balance
of around $2.6 bln currently outstanding to a unit of
Kennedy-Wilson Holdings Inc  KW.N  
    ** Says it will also sell an additional six real estate
construction loans with an aggregate principal balance of about
$363 mln to KW
    ** As of last close, PACW down ~75% YTD 

 (Reporting by Vansh Agarwal in Bengaluru)
 ((Vansh.Agarwal@thomsonreuters.com;))