Wells Fargo to buy $1.6 billion loan portfolio from ING Real Estate Finance
ING Real Estate Finance inked a deal to sell 29 commercial real estate loans with an outstanding principal balance of $1.6 billion to Wells Fargo (WF).
The sold off portion, which is entirely performing, represents approximately 50% of ING's total U.S. loan portfolio.
“This divestment is a result of the successful execution of our strategy to capitalize on current robust U.S. market conditions to generate strong interest in the loan portfolio among a high-quality pool of potential buyers," said Michael Shields, a managing director with ING Real Estate Finance.
"As ING sharpens the focus of its Real Estate Finance business, we will continue to deliver tailored real estate financing solutions in our other Real Estate Finance markets," he added.