Royal Bank of Scotland is to sell several debt portfolios of US and Germany property as part of its sell-off strategy of non-core assets.

Internal policymakers at RBS identified assets in these two countries as areas where the business intends to reduce exposure in its property portfolio.

The news comes as the organisation continues with plans to sell down non-core assets and it is in the process of identifying a partner for a UK property portfolio priced at around £1.6 billion.

In confirming today’s news, the bank said it has made ‘substantial progress’ in running down those assets within non-core divisions, reducing assets by over £100 billion from £258 billion at the beginning of the project.

In a statement reacting to press reports this morning, it added, ‘We are always at looking at options to accelerate the rundown of these assets and our commercial real estate portfolio.

‘We do not comment on individual discussion until we are in a position to make a formal announcement.’

Speculation in the City this morning continued over other future sales which are rumoured to include parts of its aviation capital division as well as assets raised from project finance loans.