PropertyEU - November 23, 2010
Madrid-based investment firm Drago Capital and an affiliate of Cerberus Capital Management have acquired a real estate portfolio consisting of 97 bank branches from Caja Madrid. The sale-and-leaseback transaction amounts to EUR 96 mln, representing an EUR 80 mln capital gain for the Spanish lender.
Caja Madrid, Spain's fourth largest bank, said the sale will boost its finances while helping decrease its loan to value, one of its strategic objectives. The bank has agreed to take a 25-year lease on the properties. The financing for the transaction is being provided by Banco Santander, La Caixa and Natixis.
'Reaching a mutually beneficial agreement for the acquisition of this high-quality real estate portfolio is a gratifying achievement. In addition, we are pleased to have Cerberus, one of the world's leading private investment firms, as a partner in this transaction, and we hope to partner with them on additional investments in Spain in the future," a Drago spokesperson said.
Cushman & Wakefield was responsible for the valuation of the branches. Gómez-Acebo & Pombo and Ashurst served as legal advisers to Drago and Cerberus. Linklaters advised the financing banks.
In May 2010, Caja Madrid sold a technology complex at Las Rozas in Madrid to SEB ImmoPortfolio Target Return Fund for EUR 108 mln.
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