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 m[sup]2[/sup] 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.'
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.
