RBS to sell €300m of German assets

Royal Bank of Scotland is said to be preparing €300m of German property for sale.

The bank is exiting its German assets one by one, but a team  in the non-core group is also assembling portfolios of small German properties for sale.

Its exposure there includes multi-family apartments and the bulk are office buildings  in good locations, such as Düsseldorf and Frankfurt.

At the end of June, German assets were the biggest part of its remaining £6.25bn continental European property loan book.

But it expects to raise around €1bn by selling three Pegasus portfolio assets by the end of the year: Berlin’s Kurfürstendamm Boulevard office tower, Frank-furt’s Die Welle building and the Herold Center near Hamburg.

It has also taken control of 85 properties let to German retailer Max Bahr. The portfolio, bought by Moor Park Properties, has €872m of debt against it.