July 3, 2018 / 6:15 AM / 14 days ago

BRIEF-Paragon buys Titlestone Property Finance, loan book from Oaktree funds

July 3 (Reuters) - Paragon Banking Group PLC:

* ACQUIRED ENTIRE SHARE CAPITAL (“ TRANSACTION”/“ ACQUISITION”) OF TITLESTONE PROPERTY FINANCE LIMITED (“TITLESTONE”) FOR CIRCA £48 MILLION

* IS ACQUIRING A PORTFOLIO OF DEVELOPMENT FINANCE LOANS FOR CIRCA £226 MILLION FROM A SERIES OF SPECIAL PURPOSE VEHICLE COMPANIES (“SPVS”)

* TITLESTONE, SPVS OWNED BY FUNDS ULTIMATELY CONTROLLED BY OAKTREE CAPITAL MANAGEMENT

* “CONSIDERS DEVELOPMENT FINANCE MARKET TO BE PARTICULARLY ATTRACTIVE, WITH STRONG LONG-TERM GROWTH”

* ACQUISITION SERVES TO EXTEND GROUP’S CURRENT DEVELOPMENT FINANCE BUSINESS

* TRANSACTION IS EXPECTED TO ENHANCE PARAGON’S POST TAX PROFITS BY A HIGH SINGLE-DIGIT PERCENTAGE IN ITS FIRST FULL YEAR

* FOLLOWING TRANSACTION, REMAINDER OF GROUP’S 2018 SHARE BUY-BACK PROGRAMME WILL BE SUSPENDED Source text for Eikon: Further company coverage: (Reporting By Carolyn Cohn)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below