Blackstone and Wells Fargo Team Up on Allied Irish Deal

The Blackstone Group and Wells Fargo & Co. have teamed up to buy a pool of about $600 million in loans on U.S. commercial property from Allied Irish Banks, Reuters reported Friday. The deal, the most recent in a spate of such sales by Irish banks, allows the two to buy the portfolio of loans backed by hotels, office buildings and retail properties for about 15% to 20% off the face value.

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