January 29, 2012 / 12:10 PM / 6 years ago

Lone Star bids for Anglo Irish wealth unit-report

DUBLIN, Jan 29 (Reuters) - Global distressed debt and equity investor Lone Star has submitted a bid to buy 2.5 billion euros ($3.3 billion)of property loans linked to the wealth management unit of defunct lender Anglo Irish Bank, the Sunday Times reported.

Lone Star has offered around 80 cents on the euro for the debt, much of which is secured by an international property portfolio, the report said.

Other bidders for the wealth management division include Deutsche Bank with Irish firm Key Capital, it said.

Lone Star last year agreed to buy sub-performing and non-performing loans with a face value of $5 billion from Anglo, which has since been renamed the Irish Bank Resolution Corp (IRBC).

IRBC is expected to announce a preferred bidder for its wealth management division within two weeks, the Sunday Business Post reported.

IRBC and Lone Star did not immediately respond to requests for comment on the reports. ($1 = 0.7615 euros) (Reporting by Conor Humphries; editing by Sophie Walker)

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