Sunday, February 22, 2009

BBVA Nearing EUR 1 Billion Sale Leaseback of Properties Across Spain

Property Week - February 20, 2009

RREEF is close to sealing a €1bn purchase and leaseback of some of Spanish bank Banco Bilbao Vizcaya Argentaria’s (BBVA) property assets

It is thought the global fund manager is in advanced talks with BBVA to buy a portfolio of retail bank branches and offices across Spain. The bank would lease the properties back on a range of leases of more than 15 years.

BBVA instructed CB Richard Ellis last year to market its property assets to raise around €2bn.

Around 1,288 retail branches and 30 office buildings are among the property assets. BBVA has split the portfolio to attract a wider range of investors and has agreed to lease the properties on a range of terms between 25 years and 40 years.

It is thought that RREEF has cherry picked several assets in which it is interested and is discussing the possible structure for the deal. Sphere: Related Content

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