Shares of PacWest Bancorp (NASDAQ: PACW) were up in pre-market trading at the time of publishing on Monday after the bank stated that it will sell a portfolio of 74 real estate construction loans with an aggregate principal balance of around $2.6 billion currently outstanding to a subsidiary of Kennedy-Wilson Holdings (KW).
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The regional bank also announced the sale of six additional real estate construction loans with an aggregate principal balance of around $363 million to Kennedy-Wilson.
The sale is anticipated to close in multiple tranches during the second half of this year. PacWest has one of the highest concentrations of commercial real estate loans among the regional banks.
Analysts remain sidelined about PACW stock with a Hold consensus rating based on two Buys and six Holds.
