Savills advises on EUR 5.4m BBVA transaction

Property advisor Savills has said it acted for Spanish bank BBVA in the sale of office space in Madrid to a family office investor. The investment volume of EUR 5.4 mln reflects a 6% yield. The first floor office, located in prime Madrid at 35 Nuñez de Balboa, comprises 1,379 m² with two parking spaces. Manuel Santos, director of national investments in capital markets at Savills, said: 'Sale-and-leaseback transactions remain popular in prime locations where the prospective tenant's credit and terms of the contract allows for a mutually beneficial deal for both parties.'

Last week, BBVA sold five office buildings and 153 bank branches for EUR 364 mln in the second part of the sale-and-leaseback disposal of the majority of its property assets in Spain to a consortium of RREEF, Area Property Partners and Europa Capital. The consortium paid EUR 1.15 bn for the first tranche of three office buildings and 944 branches in December 2009.