Slaughter and May advised UK Asset Resolution on the sale of a £5bn asset portfolio to a consortium comprising Davidson Kempner European Partners LLP and Citibank

The asset sale comprises portfolios of performing and non-performing residential mortgages from the legacy books of NRAM, the former Northern Rock mortgage business, and Bradford & Bingley (B&B). The portfolios of mortgages were sold to a consortium comprising Davidson Kempner Capital Management LP (Davidson Kempner) and Citibank (Citi). The majority of the financing for the asset sale is being provided by funds managed by Pacific Investment Management Company LLC (PIMCO).

Pending completion of the share sale, Bradford & Bingley (B&B) and NRAM, together with any remaining mortgages and loan portfolios, will be transferred to Davidson Kempner.