RBS wants to discard home loans linked to the Spanish property sector

October 19, 2010 at 11:43 am Leave a comment

Royal Bank of Scotland (RBS) is surveying  potential investors to sell a portfolio of loans tied to commercial real estate in Spain valued at 1,000 million pounds (1,143 million euros), for which it has hired investment bank Morgan Stanley , which will assess the interest among private equity loans.

RBS wants to sell Spanish home loansFinancial Times points out that much of the portfolio consists of loans whose securities are commercial properties in Spain and are part of the 250,000 million pounds (285.904 million euros) in assets identified as “non-strategic by the entity.

RBS has granted loans to several major Spanish real estate promoters during the growth years of the ‘bubble’, as well as to British investors who bought properties in Spain, where the market is one of the hardest hit by the crisis in the sector.

The Financial Times cites among those potentially interested private equity firms such as Lone Star, Blackstone, Goldman Sachs Whitehall and the Morgan Stanley real estate fund, noting that potential investors seek “significant discount” to the risks posed by these loans.

Source: elmundo.es

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Entry filed under: Commercial property, News, Real estate. Tags: , , , , , , , , .

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