Spanish News - March 18, 2009
In December, Caixa Catalunya announced that it would sell 824 branches of its 1200 commercial premises in Spain in an effort to raise cash.
On Tuesday, the Spanish savings bank has confirmed that it has sold 120 of the branches through a sale and leaseback agreement raising 110 million euros. The sale has been carried out solely through its private banking customers in an effort to offer them a valuable investment with low risk and guaranteed retrun.
Caixa Catalunya says it is offering a 6 – 6.5 per cent return on investment by paying a rent for the sold premises. The global return is estimated to be at 8.5% if the future increase of rents is considered.
The formula sale and leasback is something that is currently being highly used by Spanish banks. Banco Pastor another Spanish bank announced last week it hopes to raise 230 million euros for the sale and leaseback of 160 of its 650 branches in Spain.
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