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RBS To Sell Spanish Retail Estate Assets

Source: Dow Jones - Wed 23rd Mar 2011

The Royal Bank of Scotland Group PLC, which is 83%-owned by the U.K. Government, announced earlier today that it has sold a portfolio of its commercial real estate loans and assets that it holds in Spain to several wholly owned, indirect SPV subsidiaries of Perella Weinberg Real Estate Fund I LP for an undisclosed sum.


-Portfolio has a par value of EUR286 million.

-Proceeds from the transaction are in cash.

-Disposal represents a further step in RBS's plan to run off or dispose of the assets within the Non-Core Division.

-By Dec. 31, 2010, overall funded assets in non-core had reduced to GBP138 billion from the original funded asset base of GBP258 billion.

-Shares at 0810 GMT down 1 pence, or 1.6%, at 41 pence valuing the bank at GBP24.07 billion.

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