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Norddeutsche Landesbank (NordLB) has agreed to sell a $1.5 billion portfolio of its performing and non-performing shipping loans to KKR, which will be buying the loans in partnership with a sovereign wealth fund, potentially via a securitization.
The portfolio will include up to 100 ships. When closed, the deal will reduce NordLB’s overall ship loan exposure from €18 billion ($20.38 billion) to between €12 billion and €14 billion.
The sale is just one part of a NordLB plan to offload around €7 billion of its €18 billion maritime loan portfolio to investors, such as private equity firms, within the next five years.