NEW YORK CITY-After 18 months of negotiations, the Royal Bank of Scotland and Blackstone and are nearing a deal to transfer $2 billion of distressed UK property loans to the US private equity giant, reports show. According to the Financial Times, the transaction would offload the loans into a Blackstone-managed account, while allowing RBS to retain a share of future profits from the fund. A source close to the deal says it should be completed by the end of 2011.

Under the transaction, Blackstone would purchase 25% of the fund’s equity at a discount, but will assume the management of the entire portfolio from RBS. In turn, RBS will sell down the remaining 75% of the loans through disposals, the FT says.

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