Banco Santander, Spain's largest bank, has sold its head office in Madrid to British investor Propinvest for EUR 1.9 bn in a sale-and-leaseback deal. Banco Santander, which acquired ABN Amro Bank last year together with Fortis and Bank of Scotland, will lease the building back for a period of 40 years.
Banco Santander, Spain's largest bank, has sold its head office in Madrid to British investor Propinvest for EUR 1.9 bn in a sale-and-leaseback deal. Banco Santander, which acquired ABN Amro Bank last year together with Fortis and Bank of Scotland, will lease the building back for a period of 40 years.
At the time of the ABN Amro takeover, Santander said it would spin off part of its real estate portfolio to generate funds for the acquisition. Since June, the bank has generated a total EUR 4.4 bn from various real estate transactions, EUR 400 mln more than expected.
