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RBS Spain Property Loan Sale Process Seen Within 2 Wks

Source: Dow Jones - Thu 28th Oct 2010

Bidders for the GBP1 billion Spanish real estate loan portfolio being sold by Royal Bank of Scotland Group PLC expect to receive information memorandums within the next two weeks, a person familiar with situation said Thursday.

Blackstone Group and Lone Star are among likely bidders, people have told Dow Jones Newswires. They could be joined by Goldman Sachs' Whitehall and Morgan Stanley's real estate fund group, according to recent media reports.

The sale, being run by Morgan Stanley, is part of RBS' ongoing disposal program to sell non-essential parts of its business that it can no longer afford to hold but isn't officially part of the sales imposed on the bank after receiving government aid during the financial crisis.

A deal is expected to close in the first quarter of 2011, the person familiar with the situation said.

Meanwhile, the same private equity funds are expected to be looking at RBS' GBP3 billion U.K. real estate loan portfolio that has also been put on the block by the U.K. bank. The process for this package remains unclear, but any deal isn't likely to close before the second quarter of next year, one person said.

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