RBS Real Estate Asset Management is bringing a portfolio of 26 UK regional commercial property assets to the market for which it is seeking bids of over £87.6 mln (€109 mln).

RBS Real Estate Asset Management is bringing a portfolio of 26 UK regional commercial property assets to the market for which it is seeking bids of over £87.6 mln (€109 mln).

The targeted price represents a net initial yield of around 9.75%.

RBS has appointed CBRE to market the 87,200 m2 Silverbird portfolio, which includes a number of dominant office buildings in regional cities, as well as six leisure and retail assets, three industrial assets and a leased hotel.

The portfolio is the second to be brought to market by RBS, following the sale of the Sapphire Portfolio in Q4 2013, and is in line with its strategy of seeking to maximise the value of property assets ahead of sale through asset management.

Silverbird has a net annual income of over £8 mln from around 117 separate tenants and a weighted average lease term of over 10 years.

RBS said it has completed a comprehensive programme of capital expenditure on assets within the portfolio and has refurbished much of the vacant space, which comprises around 11% of the portfolio, resulting in ‘significant potential upside’ for the purchaser.

RBS Real Estate Asset Management was created in June 2013 to ensure optimal shareholder returns for RBS shareholders by maximising the value of RBS’ property assets ahead of sale.