Cerberus £13 billion acquisition of Northern Rock mortgage portfolio

Overview:

• Cerberus has acquired a £13 billion mortgage loan portfolio from UK Asset Resolution (UKAR).
• The mortgages were originally owned by Northern Rock.
• The portfolio includes £12 billion of loans within the Granite securitisation vehicle, plus a further £1 billion of non-Granite assets.
• £3.3 billion of the mortgage portfolio was subsequently sold to TSB for £3.3 billion.
• Allen & Overy acted for the financing banks but the names of the parties are confidential.

Sam Duke - Editor