Royal Bank of Scotland has brought a 1,600-home portfolio to the market, billing it as a potential seed for a large-scale private rented sector platform.
The bank’s subsidiary West Register has appointed Savills to market the UK residential investment portfolio, which has a vacant possession value of £208m. The project, named the Maison Portfolio, could fetch up to £250m.
The 139 residential blocks, which comprise 1,642 homes across the UK, produce an estimated rental value of £12.3m.
The majority of the portfolio are flats, with 11% houses. Up to 92% of the portfolio is occupied.
The portfolio is expected to attract from a range of domestic and international investors.
One source said: “It looks like a portfolio that someone would break up and sell on rather than a portfolio that you would keep long term. This portfolio comprises smaller blocks – it is fragmented. Private equity would buy the portfolio: those companies get the buy and break up story.”
RBS set up West Register to manage properties from failed customers. Earlier on this year, the bank pledged to sell off West Register’s property portfolio. RBS is not expected to make a profit on the sale of the Maison Portfolio.
All parties declined to comment.
