03:09 PM EDT, 04/24/2024 (MT Newswires) -- Barclays ( JJCTF ) said Wednesday that Barclays Bank Ireland plans to divest its performing Italian mortgage portfolio, valued at about 3.3 billion euros ($3.53 billion), in a transaction to be financed through a securitization.

GoldenTree Asset Management funds and assets have agreed to purchase certain notes to be issued by Miltonia Mortgage Finance, a newly incorporated entity set to receive the portfolio, according to a regulatory filing.

Barclays ( JJCTF ) is expected to receive cash proceeds of about 400 million euros. The sale is expected to occur during Q2.

The company said it will use the proceeds for general corporate purposes.

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