RBS increases Project Aran to €6billion
Royal Bank of Scotland has increased its Irish non-performing real estate loan portfolio, Project Aran, by €4.3bn to approximately €6.0bn, with the same three-strong finalists now to bid across the enlarged NPL.
Project Aran, derived from RBS’ subsidiary Ulster Bank’s loan book, launched at the turn of September initially with a nominal balance of €1.6bn, secured by 411 borrower connections and 315 properties, which was quickly increased by around €100m to €1.7bn.
The increase to approximately €6.0bn was taken prior to selection of the three finalists; Lone Star, Cerberus and a consortium comprised of CarVal Investors, Goldman Sachs’ special situations fund and Apollo Global Management.
Final, binding bids are expected by early December.
