PacWest Bancorp (NASDAQ:PACW) shares are moving higher in pre-market Monday after the embattled regional lender said it will sell a portfolio of 74 real estate construction loans worth approximately $2.6 billion.
The buyer is Kennedy-Wilson (NYSE:KW) and the deal will include an additional six real estate construction loans with an aggregate principal balance of approximately $363M.
The transaction is expected in the second and third quarters of 2023.
“There can be no assurance that the transaction will be completed in part or at all,” the bank said in an update.
PACW shares are up 3.5% in pre-market Monday.