AXA Real Estate has bought a portfolio of Spanish bank branches for €308m.
The investment manager said it completed the purchase of 381 assets leased to Santander.
The 90,000 sqm portfolio was sold by URO Property Holdings.
AXA said it was acting for two institutional clients.
The portfolio, fully let on 24-26 year leases to Santander, is mainly located in Andalucía, Catalonia, Castilla y Leon, the Basque Country and Madrid.
Hermann Montenegro, AXA Real Estate head of asset management and transactions in Spain, said the portfolio offered “significant value” and would provide clients and investors with long-term income streams.
Bank branches have proved popular with investors keen to gain access to the Spanish real estate market.
Spanish REIT Merlin Properties last year paid £740m (€1bn) for a portfolio of BBVA bank branches.
The SOCIMI (sociedades cotizadas de inversión en el mercado inmobiliario) bought the TREE Inversiones Inmobiliarias company, which held the portfolio, from Europa Capital, Deutsche Bank and Banca March.
The portfolio of 880 bank branches and five properties was fully let to BBVA until 2039.