Permanent TSB is to sell a further tranche of what it calls non-core and non-performing commercial property loans. 

The loans linked to Irish-based commercial properties have a par value of €480m and are being sold to Cheldon Property Finance Ltd, an investment firm, managed by CarVal Investors.  The discount involved in the sale price has not been announced.

Including this transaction, Permanent TSB has completed the sale of €2.5bn of Irish-based commercial property loans and €3.5bn on commercial properties in the UK over the past eight months. 

The bank says it will continue to offload non-core assets in line with its strategy, in particular the remaining €3.5bn in non-performing UK Commercial property loans, over the next twelve months.