Bank of Ireland has reportedly agreed a deal to sell its US commercial property portfolio, comprising of 25 loans and valued at $1.4 billion, to Wells Fargo.

The portfolio contains commercial properties in New York and Washington. Property broker HFF is reported to be advising the bank on the sale.

It is also reported that the Irish bank has announced a new debt buyback offer in an effort to raise capital through burden-sharing. The Bank is inviting bondholders to tender their bonds for purchase by the bank for a total cash consideration of £40.20 per £100, which comprises a purchase price of £35 plus accrued and unpaid interest of £5.20. No debt for equity alternative is included in the revised offer. The offer, which is voluntary, commenced on 24 August and is expected to expire on 22 September.