A consortium led by of Deutsche Bank's property fund RREEF has completed the sale-and-leaseback of the majority of the Spanish assets of BBVA bank for EUR 1.15 bn.
A consortium led by of Deutsche Bank's property fund RREEF has completed the sale-and-leaseback of the majority of the Spanish assets of BBVA bank for EUR 1.15 bn.
The sale covers three office buildings and 944 bank branches located throughout Spain.
The consortium called Tree Inversiones Inmobiliarias comprises RREEF, Area Property Partners and Europa Capital. CB Richard Ellis advised BBVA on the disposal.
Ismael Clemente, head of RREEF Spain, commented: 'This transaction provided an excellent opportunity to acquire, for our collective investors, quality assets with a strong cash flow from a very highly rated tenant. It significantly builds on RREEF’s presence in the Spanish real estate market.'
The deal with Spain's second largest bank has been under negotiation since the start of the year and is one of the largest transactions in European real estate this year. Santander, Spain's largest lender, sold its headquarters near Madrid to a consortium led by UK property investor Propinvest for EUR 1.9 bn in September 2008.
