RBS sells Spanish property loans

23rd Mar 2011 08:07

Royal Bank of Scotland (RBS) has agreed to sell a portfolio of its commercial real estate loans and assets to Perella Weinberg Real Estate Fund I LP. The state-owned bank, keen to scale down its portfolio of non-core assets, says the US private equity house is taking on a loan portfolio worth €286m (£248m).Proceeds from the transaction will be received in cash. "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.But despite almost halving the original £258bn non-core portfolio, there is still £138bn of assets waiting to go.