Ulster Bank set for €1bn sale of property assets

ULSTER Bank, the troubled Irish business unit of Royal Bank of Scotland, is readying itself to sell off assets worth €1bn (£833m) according to a source close to the situation.

This could see Ulster Bank competing against the state-run National Asset Management Association (NAMA) in trying to offload property portfolios in Ireland.

Ulster Bank, which operates in Northern Ireland and the Republic of Ireland, has approached agents. They are believed to have until the end of the week to respond with their proposals.

The source said the deal related to asset sales, not loan sales.

Property consultant CBRE said last week new properties are expected to come to market in coming months in Ireland, as banks, receivers and NAMA look to offload sites.

The move by Ulster Bank will be keenly watched to see what level of pricing can be achieved for such assets.