Reuters - January 25, 2008
Spanish bank Santander (SAN.MC) will make a capital gain of 605 million euros ($886 million) from a leaseback deal on its headquarters at Boadilla del Monte on the outskirts of Madrid, sources said on Friday.
Santander confirmed the 1.9 billion-euros deal with a consortium led by property investment firm Propinvest which will lease back the complex to Santander for 40 years with the bank having an option to purchase at that time.
The bank has already made disposals which produced 2 billion euros in profit, after selling 1,152 bank branches and other buildings in Spain to a company owned by British insurer Pearl Group in November, a deal leading to a capital gain of 860 million euros.
The same month, Santander sold 10 buildings to an investment vehicle owned by Armancio Ortega, the founder of retail group Inditex (ITX.MC: Quote, Profile, Research, Stock Buzz), for 458 million euros, making a capital gain of 216 million euros.
The headquarters complex, known as "Santander Financial City", has more than 400,000 square metres of office space plus other facilities such as a hotel and an 18-hole golf course.
The bank said the headquarters deal concluded the sale of its real estate assets through sale and leaseback deals which have totalled nearly 4.4 billion euros and generated a net capital gain of 1.7 billion euros.
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