By Ed Ballard
LONDON-- Royal Bank of Scotland Group PLC has sold a portfolio
of Irish real-estate loans to U.S. private equity group Cerberus
Capital Management L.P. for GBP1.1 billion ($1.72 billion) in
cash.
The transaction is part of RBS's plan to strengthen its capital
position and reduce its exposure to risk by selling so-called
risk-weighted assets, the 80% government-owned bank said on
Tuesday.
The loans have a carrying value of GBP1 billion. The gross
assets are GBP4.8 billion and generated a loss of GBP0.8 billion in
2013, principally impairment provisions, RBS said.
Write to Ed Ballard at ed.ballard@wsj.com
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