November 8, 2012 / 5:26 AM / 5 years ago

KKR, Allegro agree to buy loan portfolio from Lloyds unit

HONG KONG, Nov 8 (Reuters) - KKR & Co L.P. and Australia’s Allegro Funds have agreed to buy a portfolio of commercial loans from BOS International, a unit of Lloyds International Pty, KKR and Allegro said in a statement.

KKR made the acquisition, for an undisclosed amount, through its special situations business.

Earlier this year, Lloyds sold a $1.2 billion portfolio of distressed property loans to Morgan Stanley and Blackstone Group, as part of the UK lender’s plans to wind down non-core assets.

Lloyds inherited those assets when it acquired HBOS in 2008, including the Bank of Scotland and its international unit, BOS International.

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