RBS to sell $1.63bn in property - report

The Royal Bank of Scotland (RBS) is looking to unlock capital from its property estate by selling £800 million (€1

The Royal Bank of Scotland (RBS) is looking to unlock capital from its property estate by selling £800 million (€1.147 billion) of assets.

An RBS spokeswoman said the sale was part of an programme without confirming specific details.

She declined to comment on a report in the Financial Timesthat said the bank would use proceeds from a sale to help finance its share of the acquisition of Dutch bank ABN Amro.

The bank has appointed property services firm Cushman & Wakefield to co-ordinate the sale of around 60 properties in one of the biggest corporate sale-and-leasebacks this year, the source said.

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The portfolio includes a landmark building on London's Strand which is occupied by its private banking arm, Coutts.

Earlier this month, the bank put a £650 million portfolio of hotel assets on the market in a bid to realise profits gained during a four-year property boom, which ended this summer.