A fund managed by Morgan Stanley has handed back the keys of the assets to a €2.1 billion real estate portfolio it acquired in Germany in 2007.
The US bank bought the 28-strong portfolio using a €1.9 billion loan from Royal Bank of Scotland, according to a report by the Financial Times.
The workout group at RBS is now handing the assets and is expected to hold onto them until the properties have regained some of the value lost, added the newspaper report. None of the parties mentioned by the report would comment.
The newspaper said the value of the portfolio is thought to have dropped significantly since the acquisition, which was made with a view that income could be improved through new lettings and sales could be struck at higher prices.
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