The part-nationalised lender is half-way through selling a portfolio of 15 properties on Grosvenor Crescent in Belgravia, which it took over three years ago when developer Zegna III went into administration.

Prices of the homes range from £9 million to £45m and RBS, whose specialist turnaround vehicle West Register is overseeing the portfolio, hopes to recover £140m from their sale.

RBS's success is likely to be watched closely by regulators who remain deeply concerned about banks' exposure to real estate.

Another £50bn of commercial property debt matures this year, and the Bank of England is concerned that it might not be possible to refinance these loans.

Property lending accounts for around half of UK banks' corporate lending books.

One of the key figures to get the best possible value from 82% state-owned RBS's property book is Aubrey Adams, chief executive of property company Savills until October 2008, who becomes head of property within RBS's global restructuring group last year.

Below him, there is Helen Gordon, who was hired from Legal & General to run West Register.

Among the other properties on the bank's hands is a 42-strong chain of Marriott hotels.