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Royal Bank of Scotland Group PLC To Sell Australian Schools Portfolio-DJ


Thursday, 18 Jul 2013 02:40am EDT 

Dow Jones reported that Royal Bank of Scotland Group PLC is seeking a buyer for a unit that maintains and manages 11 AUD255 million (USD234 million). Rothschild is advising on the sale of RBS-owned Axiom Education Victoria, which was founded as a public-private partnership in 2008 to build the schools in Melbourne. Axiom Education Victoria receives a quarterly fee from the state government to maintain and manage the schools, with the contract due to last a further 23 years. Information on the sale has already been sent to potential buyers, and a binding deal is targeted by the end of the calendar year. The U.K. Treasury said earlier this month it has appointed Rothschild to advise on the potential break-up of RBS, including transferring some of its assets into a bad bank.