Allen & Overy has advised Goldman Sachs Group Inc. on a $960 million acquisition of a loan portfolio from Australian financial institution Suncorp Group Ltd.

Goldman Sachs is paying 60 cents on the dollar for a portion of Suncorp’s portolio of non-performing corporate and property loans worth $1.6 billion.

Brisbane-based Suncorp consolidated a “non-core” portfolio of such loans, mainly extended to property developers before the global financial crisis, four years ago, and has steadily reduced its size from almost $18 billion in 2009 to $2.8 billion before the Goldman deal. Suncorp’s ongoing core business focuses on lending to agribusinesses, as well as residential mortgages and retail banking.

Allen & Overy Sydney-based Grant Fuzi, Chris Robertson and David Wilkie advised Goldman Sachs. Herbert Smith Freehills Sydney partners John Nestel and Mark Currell represented Suncorp.

Email: jseah@alm.com.