Royal Bank of Scotland (RBS) has sold funding connecting to Northern Ireland properties to US fund Cerberus as part of a larger deal worth £1.1 bn.

Ulster Bank's parent group announced the sale of a profile of Irish estate loans.

That consists of loans on properties based in Northern Ireland.

The listings of about 5,000 properties belong to 411 borrowers.

The majority of the properties in the Project Aran portfolio are based in the Republic.

Conclusion is anticipated in the very first quarter of 2015, with the sale continues ‘used for general corporate purposes’.

Previously this year year Nama - the Republic's state-controlled ‘Bad Bank’ - offered its whole North Ireland property loan collection to Cerberus. 

It is understood the New York Company paid greater than £1bn.