Spanish property giant Metrovacesa and JP Morgan are offering more than EUR 1.7 bn for Banco Santander's Boadilla del Monte headquarters, newspaper El Economista reported, citing unnamed sector sources. The newspaper added that Santander could book EUR 1 bn in capital gains from the operation, which is set to be closed by 20 December.
Spanish property giant Metrovacesa and JP Morgan are offering more than EUR 1.7 bn for Banco Santander's Boadilla del Monte headquarters, newspaper El Economista reported, citing unnamed sector sources. The newspaper added that Santander could book EUR 1 bn in capital gains from the operation, which is set to be closed by 20 December.
Santander would enter into a 30-year lease-back contract for its 1.5 million m2 head office in western Madrid while retaining its right to repurchase it at the expiry of the lease, the paper added. The Spanish bank sold four of the five lots constituting its entire property portfolio in November. Last week, the bank sold 1,200 bank premises to Sun Capital Partners, insurer Pearl Group and Drago Real Estate Partners for EUR 2 bn, while a week before it awarded Armancio Ortega's Grupo Pontegadea with 10 of its office buildings for EUR 458 mln.
Santander announced last June that it was selling off EUR 4 bn in property assets in a sale-and-leaseback deal to help finance its part of a consortium bid for Dutch bank ABN Amro. The entire property portfolio comprises 44 corporate buildings, including Santander City, and about 1,200 offices. The Spanish lender is only retaining its office in Santander, where the bank was founded 150 years ago.
Additionally, Metrovacesa said it is holding a board meeting on Tuesday to finalise the separation process with its French unit Gecina. During the meeting Joaquin Rivero will resign as the company's chairman with his seat on the board being taken by Román Sanahuja.
