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Anglo Irish sells its Scottish loans portfolio

Anglo Irish Bank has sold its Scottish loans portfolio to a group of investors backed by a US hedge fund, in the first UK loan portfolio sale by an Irish bank, according to a report.

Property Week said new Scottish asset management firm Urbicus has bought beleaguered Anglo's £300m Scottish loan book with backing from New York-based Elliott Associates.

The loans are likely to have been bought at a big discount to their face value. The sale is one of the largest Scottish investment transactions since the downturn.