Lloyds eyes property deal with Grainger

Published 26th Apr 2011

Part-nationalised bank Lloyds is eying a deal with the UK's largest listed housing landlord Grainger aimed at restoring the value of Lloyds' housing portfolio which got hit by the credit crisis.

A Lloyds spokesman said on Tuesday that Grainger had been picked as Lloyds' preferred supplier for its "residential property asset management platform."

The likely deal between the two companies will see Grainger manage a portfolio of homes on behalf of administrators for housing groups that had been backed by Lloyds.

The government has stakes of around 41 percent in Lloyds and 83 percent in rival Royal Bank of Scotland after it had to bail out both banks with taxpayers' money during the credit crisis.

Source: ' Reuters '

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