RBS reportedly raises a billion dollars through buildings sales
Royal Bank of Scotland has agreed to sell two buildings in Frankfurt and Berlin to Axa Investment Management, according to news agency reports.
Royal Bank of Scotland has agreed to sell two buildings in Frankfurt and Berlin to Axa Investment Management, according to news agency reports.
Bloomberg says the properties are valued at about €790m ($1bn), according to people who were happy to disclose private information so long as their names were kept secret. Axa made the purchase on behalf of Norges Bank Investment Management, Norway's $650 billion sovereign wealth fund, one of Bloomberg's sources said yesterday.
Banks are seeking to offload property and cut back on under-performing property loans as they strengthen their balance sheets in preparation for Basel III regulations, which will impose stricter capital requirements on lenders.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Cash-rich pension funds and insurance companies, on the other hand, are happy to invest in assets which provide a steady income stream.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Twenty 'finfluencers' questioned under caution by the UK regulator
The individuals were interviewed voluntarily using the Financial Conduct Authority’s criminal powers
By Chris Newlands Published
-
Number of ISA millionaires triples in three years
The number of people with £1 million in their ISAs has tripled in three years to reach 3,180. But could next week’s Budget put an end to future ISA millionaires?
By Ruth Emery Published