Spanish property lender Banco Sabadell said on Friday that its management board has approved a binding bid by UK investor Moor Park Capital Partners to acquire a portfolio of 378 office units across the country for a total investment volume of EUR 403 mln.
Spanish property lender Banco Sabadell said on Friday that its management board has approved a binding bid by UK investor Moor Park Capital Partners to acquire a portfolio of 378 office units across the country for a total investment volume of EUR 403 mln.
The transaction has been realised on a sale-and-leaseback basis, reflecting a net initial yield of 6.65%. The majority of the assets, ranging from 150 m2 to 1,000 m2, are located in Madrid and Barcelona (nearly 20%).The bank expects to realise EUR 265 mln of gross capital gains from the disposal.
The deal is the second real estate disposal realised by Sabadell over the past few months, after the sale last year of an office portfolio for around EUR 125 mln to a group of Spanish family offices. The operation is part of the bank's strategy to strengthen its capital basis, it said.
Based in London, Moor Park Capital Partners is an opportunistic real estate investor focused on Continental Europe.
Spanish savings bank Caja Madrid is also understood to be selling a major office building in Las Rozas for over EUR 100 mln. Deloitte is advising the bank on the sale process.
