Belfast Telegraph

Royal Bank of Scotland sells off Northern Ireland property loans to US fund Cerberus

By John Mulgrew

Royal Bank of Scotland (RBS) has sold off loans relating to Northern Ireland properties to US fund Cerberus as part of a wider deal worth £1.1bn.

Ulster Bank's parent group announced the sale of a portfolio of Irish estate loans.

That includes loans on properties based in Northern Ireland.

The list of around 5,000 properties belong to 411 borrowers.

Most of the properties in the Project Aran portfolio are based in the Republic.

Completion is expected in the first quarter of 2015, with the sale proceeds "used for general corporate purposes".

Earlier this year year Nama - the Republic's state-controlled "bad bank" - sold its entire Northern Ireland property loan portfolio to Cerberus.

It is understood the New York firm paid more than £1bn.

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