RBS sells Spanish property portfolio to Perella

Published 23rd Mar 2011

Royal Bank of Scotland (RBS.L) is selling a 286 million euro (247 million pounds) portfolio of Spanish real estate loans and assets to Perella Weinberg as part of plans by the bailed-out British bank to dispose of non-core assets.

"The disposal represents a further step in RBS's plan to run off or dispose of the assets within the non-core division," the bank said in a statement on Wednesday.

"Overall funded assets in non-core had reduced to 138 billion pounds from the original funded asset base of 258 billion pounds," it said, adding that proceeds from the transaction were in cash.

RBS, which is 83 percent state owned after it was bailed out by the British tax payer at the height of the global financial crisis, was advised on the deal by its own Global Banking and Markets division.

Source: ' Reuters '

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