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Firm targets loan deal

A US investment firm that snapped up €380m of Irish property loans at 25 cent in the euro last month is planning to target more distressed loan deals.

CarVal Investors, the asset management arm of US agrifoods giant Cargill, has now raised an extra $1.1bn (€825m) to invest in loans being sold off by under pressure banks in Europe.

Last week CarVal hired Australian-owned Pepper to manage its newly acquired Irish loan book.

The latest CVI Credit Value Fund II, which CarVal expects to close later this year, will invest in a range of debt, including corporate bonds, mortgage-backed securities and loan portfolios.