The Royal Bank of Scotland has shaved a further £1.3bn from its non-core real estate assets in the third quarter of this year.
In its results for the three months to the end of September, the bank revealed its non-core real estate assets now total £36.6bn.
It said the reduction comprised £600m of property loan disposals and reductions, as well as £500m in impairments and currency fluctuations.
A year-on-year comparison shows the bank’s non-core real estate balance has fallen by £11.2bn.
In RBS’s Ulster Bank, its non-core real estate exposure fell by £87m to £74m.
RBS said it had £10bn of non-core Irish commercial real estate remaining.
In Spain, RBS has £4.9bn of predominantly real estate exposure, but said this morning: “Current Spanish property market conditions present significant disposal challenges.”
Despite this, the bank said its Spanish non-core divestment plans would continue.
bridget.o’connell@estatesgazette.com
