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Lloyds, L&G Property in real estate JV talks

Source: Reuters - Fri 23rd Oct 2009

The real estate arm of Legal & General is in talks to cherry-pick troubled assets from Lloyds Banking Group Plc in deals that could generate millions of pounds for the lender, sources close to discussions told Reuters.

Legal & General Property is mulling potential joint ventures and acquisitions of some of Lloyd's moderately distressed realestate assets, as cash continues to roll into its open-ended funds, the sources said.

Bill Hughes, Legal & General's property head, declined to confirm the talks with Lloyds, but said his team was talking to several banking organisations with a view to helping them lighten their property burdens.

($1=.6006 Pound)

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