Royal Bank of Scotland (RBS) is seeking a £700 million senior debt loan secured against a £1.6 billion real estate portfolio, Project Isobel, The Wall Street Journal reports. The portfolio is scheduled to be auctioned on June 3. Four private equity firms have been selected for the sale of a 25% stake in the U.K. commercial real estate loan package. RBS is hoping to strike a fund structure leveraged for the portfolio with a third party loan so that the private equity buyers have to place less equity and get better returns on the deal.

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