Ulster Bank's parent the Royal Bank of Scotland Group (RBS) is to sell another portfolio of Irish property loans to an entity controlled by Cerberus, a US private investment manager.

RBS said it is to receive £225 million (€318m) for the tranche of loans, which form part of a portfolio known as 'Project Finn.'

The bank also said on Thursday that it has agreed to sell another tranche of loans from Project Finn to a joint venture comprised of Deutsche Bank and Apollo Global Management for £400 million (€564m).

RBS has sold a number of property portfolios to Cerberus in recent months. In May, an entity affiliated with Cerberus Capital Management acquired a portfolio of Ulster Bank loans in Northern Ireland for £205 million. It also sold a portfolio of non-performing property loans to the private equity fund for £1.1 billion in late December.

The carrying value of the new loans being sold to Cerberus was approximately £223 million at the end of 2014. The gross assets were approximately £549 million and the loans generated a loss of £17 million last year.

The disposal of the portfolio is expected to generate a £1 million profit for the bank.

Cerberus has acquired a number of other Irish assets of late, including Nama’s entire Northern Ireland property book known as Project Eagle, and waste firm Greenstar.

RBS said having previously taken booked write-downs on the loans sold to Deutsche and Apollo last year, the portfolio sale would likely generate a profit of about £24million.

According to RBS, the gross assets traded to Deutsche and Apollo were £1.137 billion. The transaction represents risk-weighted assets equivalent of £679 million as of December 31st, 2014.

Both deals are expected to be completed in September with the proceeds to be used for general corporate purposes.

RBS said the transactions form part of its continued reduction of assets in RBS Capital Resolution (RCR), the bank's workout vehicle for problem loans. It added the deals were also in line with the institution's plan to strengthen its capital position and reduce higher risk exposures.