The figure includes £22m worth of agricultural loans in Northern Ireland.
It is part of a wider disposal of problem debt on both sides of the border, but most of the loans are in the Irish Republic.
It is understood the loans were bought by US private equity firm Cerberus.
The bank said the sell-off would strengthen its balance sheet.
The loans involved have been in arrears or under specialist management for a significant period of time, the Ulster Bank added.
In May, the bank announced it was beginning a process to either restructure the debt or sell it off.