PropertyEU - June 7, 2009
Spain's Banco Pastor said it has made a profit of almost EUR 40 mln through the sale of property assets for a total of EUR 104 mln. In a statement to the Spanish market regulator CNMV on Friday, the bank said that 41 office buidlings and bank branches were sold in a sale-and-leaseback transaction to a number of investors. The portfolio includes its main headquarters in Madrid's Paseo de Recoletos and Barcelona's Paseo de Gracia.
The operation is part of a plan announced in March by the bank to raise up to EUR 230 mln via the sale of 160 office assets, out of a total of 650 Banco Pastor owns in the country. The properties will be leased back on a 20-year rental term.
Aguirre Newman is advising the company in the sale process.
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