GE Capital has recut and rescheduled the sell-off of its Australian commercial loanbook, sources told Street Talk on Thursday.
It's understood the first-round bid date has been pushed out to   August 19 from   August 12 because the commercial distribution finance unit is set to be folded into the global auction 
This means the deal is likely to be worth $2 billion to $2.5 billion from $3.5 billion, and could change the line-up of potential buyers. Sources said the smaller portfolio would play into the hands of hedge funds rather than global private equity firms. The PE firms prefer to buy businesses, rather than a collection of loanbooks.
TPG, advised by Bank of America Merrill Lynch, has been in the data room, and is likely to come up against Macquarie Corporate & Asset Finance Group. However, questions have been raised over Macquarie's commitment given its strong position in the Esanda Dealer Finance auction.
Houlihan Lokey-advised Lonestar Capital Management; China's HNA Group, tended to by Nomura; Sankaty Advisors; and Gresham-advised Bank of Queensland are also preparing first-round offers for parts or all of the portfolio.
It's understood Lonestar is keen to secure the entire loanbook.
Elsewhere, Mirvac was working towards exclusive discussions with Investa Property Group on Thursday night as it bids to manage the platform and buy stakes in two funds, as foreshadowed by Street Talk on Tuesday.
It's understood the two parties are looking to agree the management rights' price, before finalising the purchase of stakes held by Morgan Stanley in the listed trust, the Investa Office Fund, and the unlisted Investa Commercial Property Fund.
The stakes would shore up the managers' position and could cost another $200 million.
Finally,Goldman Sachs Australia's co-head of equities, Brendan Lyons, is leaving the bank after 17 years to pursue other opportunities, as revealed by Street Talk on Thursday.
David Acton, who was also co-head of equities, will take over the role as sole head of equities.
The change comes in a strong year for Goldman Sachs' equities team, with the firm sitting at the top of Dealogic's Australian equity capital markets league table.
Goldman has handled the year's largest block trade - Chevron's $4.7 billion selldown in Caltex Australia - and was involved in two of the year's largest initial public offerings, Costa Group and MYOB Group. Acton is popular internally and with domestic and offshore chief investment officers, fundies said.