PacWest Bancorp to sell $2.6bn of loans to Kennedy Wilson

PacWest Bancorp said on Monday that it has agreed to sell a portfolio of 74 real estate construction loans with an aggregate principal balance of around $2.6bn currently outstanding to a subsidiary of Kennedy Wilson Holdings.

The US lender said in a regulatory filing that the sale is "consistent with the previously announced strategy of PacWest Bancorp to pursue strategic assets sales".

PacWest will also sell six real estate construction loans with an aggregate principal balance of around $363m to Kennedy Wilson.