PropertyEU - December 18, 2008
The employee pension fund of Spain's savings bank Caja de Ahorros del Mediterraneo (CAM) has acquired three office buildings from the bank for EUR 63 mln. The assets are located in Alicante, Valencia and Barcelona, and have been leased back to CAM for a period of 20 years with an option to extend for a further 10 years.
The fund said this sale-and-leaseback transaction is expected to 'give more stability to its real estate portfolio, as it provides a stable income stream which is less subject to market volatility.
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