Monday, October 18, 2010

Barclays Seeking Sale Leaseback of Another 55 Bank Branches in Spain

Reuters Spain (as translated by Google) - October 14, 2010

British bank Barclays has given a mandate to sell and then rent in multiple packages of 55 of its branches in Spain, said Thursday a spokesman for the British bank.

"We have a book sale at CBRE to seek a buyer for a total of 55 offices," confirmed a spokesman for Barclays.

Industry analysts estimate that, taking into account the nearly 2.3 million per year that Barclays would pay rent for the rental of office and assuming a yield (yield) of 6 percent within 10 to 15 years - - common in these transactions - the bank might enter around 38 million euros with the operation.

The spokesman said the bank has about 590 branches in Spain.

Barclays already has operations similar to this in the past and also put on sale May 34 branches in the same regime.

This type of sales operations for subsequent rental of the premises of the network of offices are still very common in commercial banks to raise funds and improve without losing credit portfolio management.

However, unlike other banks BBVA and Santander, Barclays has opted to sell the offices in small packages and no large lots of branches and distinctive buildings. Sphere: Related Content

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