CB Richard Ellis said it advised Spanish bank BBVA on the sale-and-leaseback of its real estate portfolio, comprising more than 948 bank branches and office buildings throughout Spain. This is the largest property disposal so far in 2009.
CB Richard Ellis said it advised Spanish bank BBVA on the sale-and-leaseback of its real estate portfolio, comprising more than 948 bank branches and office buildings throughout Spain. This is the largest property disposal so far in 2009.
The transaction, which started last year when BBVA instructed CBRE to market the majority of its real estate assets, was completed last week. RREEF Alternative Investment, Deutsche Bank's real estate fund, alongside AREA and Europa Capital Partners carried out the EUR 1.15 bn purchase. The bank generated EUR 800 mln in capital gains on the complete deal.
BBVA split the portfolio to attract a wider range of investors and has agreed to lease the properties on 20- to 30-year terms.
