Portugal’s Novo Banco has sold a portfolio of mainly logistics properties in Portugal for more than €208 mln after a competitive process.
The assets are held by real estate funds NB Património and NB Logística, both managed by GNB Real Estate, in which the bank holds, on average, a 75% stake.
Without revealing the buyer, the bank said the sale would have a positive impact of €62 mln on this year's accounts, in addition to a 35 basis point improvement on the total capital ratio.
In a statement, Novo Banco added: ‘The success of this historical transaction reflects the positive moment of the market in this real estate segment, with a significant reduction in yield over the last 12 months and consequent increase in price, given the increased demand for logistics assets post-pandemic.’
The transaction is part of the group’s measures to divest non-core assets in order to generate capital.
Novo Banco is also selling its 15,000 m2 Lisbon HQ, located on Avenida da Liberdade, which dates back to 1980 and formerly used by Banco Espírito Santo (BES).
The process, conducted by consultants JLL and Cushman & Wakefield, kicked off in April with a base value of €100 mln.
According to local press reports, 120 real estate funds signed non-disclosure agreements, while 30 submitted non-binding bids, many of them allegedly surpassing €110 mln.
Among the potential buyers mentioned are Allianz Global Investors, Vanguard Properties, Vogue Homes and Eastbanc.
For their part, Novo Banco, JLL or Cushman & Wakefield have so far declined to comment.
At the same time, Novo Banco is in the process of moving to the Tagus Technology Park in Oeiras, which will host the new HQ and serve as base for other companies of the group.
The Novo Banco Campus will consist of three existing connecting buildings and a fourth yet to be built, which should be completed in 2023.
The move will allow the bank to save 30% on energy costs in addition to a 35% annual reduction of operating costs with buildings.
