US private equity firm Apollo Global Management has been tipped as the buyer of a €1.8 billion book of distressed former Bank of Scotland Ireland property loans, while two US firms are reported to be joint buyers of another €350 million book.

The Project Lane portfolio is expected to be sold to Apollo, property news website CoStar has reported, while the small Project Pittsburgh portfolio is being bought by US private equity funds CarVal Investors and Centerbridge Partners.

The loan portfolios are being sold by UK bank Lloyds, which is exiting the Irish market . The average price paid for the loans is expected to be about 10 cent in the euro, said CoStar, implying Apollo has paid about €180 million and Carval and Centerbridge about €35 million.