UK property company Telereal is reportedly on the verge of acquiring real estate worth over EUR 1 bn from the Royal Bank of Scotland. The 200,000 m[sup]2[/sup] portfolio of 63 office and high-street bank properties, including the Queen's bank Coutts, generates an annual rent of more than EUR 65 mln. The sale will provide much-needed cash for RBS to fund its part of the consortium takeover of Dutch bank ABN. Property Week reported on Thursday that Telereal won the bidding against Nick Leslau's Prestbury Group and Moorfield in a process organised by RBS and property advisor Cushman & Wakefield.
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