Irish Bank Offers Properties for 70% Less Than 2007 Value

Royal Bank of Scotland Plc’s Irish unit offered to sell properties, including 640 apartments and a hotel, for about 70 percent less than their value at the market’s 2007 peak, according to the broker managing the sale.

The Gemini portfolio, containing buildings in the Irish cities of Dublin and Cork, has an asking price of 75 million euros ($97 million), according to Domhnaill O’Sullivan, a director at Savills Plc’s Dublin office. The London-based broker is selling the real estate, which also includes stores, on behalf of receivers KPMG and Grant Thornton Ltd.