Reuters - June 4, 2009
Spain's Banco Pastor (PAS.MC) has agreed the sale of its Madrid headquarters to the Garcia Baquero family, known for their eponymous Spanish cheeses, sources said on Wednesday.
"Banco Pastor has sold its Madrid headquarters. The buyer is the Garcia Baquero family," one of the sources said.
Another source said the operation, which included a building in the center of Barcelona, was sealed at about 75 million euros ($106.3 million).
The bank put 160 of its 650 offices up for sale last March to shore up funds against soaring bad loans as Spain's decade-long property boom came to an abrupt end.
Pastor hoped to fetch 230 million euros for the lot. The Madrid headquarters were the bank's crown jewel.
Pastor's financial director Gloria Hernandez has said the bank's office leaseback programme was very advanced and could be closed this month.
Sphere: Related Content