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March 23, 2011    

RBS offloads Spanish property portfolio

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by Kay Murchie

The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell a portfolio of Spanish real estate loans and assets to Perella Weinberg Real Estate Fund I LP, in a deal worth £247 million (€286 million).

RBS has been selling assets under the orders of the European Commission, as a punishment of the billions of pounds in state aid that the bank received by the Government at the height of the financial crisis.

In a statement today, the bank said: “The disposal represents a further step in RBS’s plan to run off or dispose of the assets within the non-core division.

“Overall funded assets in non-core had reduced to £138 billion from the original funded asset base of £258 billion,” it added.

Proceeds from the transaction will be received in cash, said the bank.

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