Slaughter and May is advising UK Asset Resolution - sale of a £13bn asset portfolio to Cerberus Capital Management

Slaughter and May is advising UK Asset Resolution (UKAR) on the sale of a £13bn asset portfolio to Cerberus Capital Management.

The sale comprises performing and non-performing residential mortgages and unsecured loans from the legacy book of NRAM, the former Northern Rock mortgage business. Due to the complex nature of the Granite securitisation programme created by Northern Rock, the transaction has been structured in such a way that, subject to regulatory approval, Cerberus will purchase NRAM plc.