Spanish bank Banesto has reportedly put a portfolio of bank branches and office properties on the market with a price tag of EUR 150 mln. According to financial newspaper Expansion, the lender has hired Aguirre Newman to manage the sale process of 24 flagship properties in Spain's major cities.
Spanish bank Banesto has reportedly put a portfolio of bank branches and office properties on the market with a price tag of EUR 150 mln. According to financial newspaper Expansion, the lender has hired Aguirre Newman to manage the sale process of 24 flagship properties in Spain's major cities.
The bank, which owns a total real estate portfolio consisting of 1,784 properties, hopes to complete the sale by the end of the year. The assets, comprising bank braches with office space attached, will be leased back by Banesto with a long-term rental agreement.
Banesto has become the latest financial institution in Spain to put its real estate assets up for sale in a bid to finance its core business. Recently, Spain's second-largest bank by market value, BBVA closed the sale of a portfolio of nearly 1,000 assets for EUR 1.1 bn to a consortium of investors led by Deutsche Bank's alternative investment arm RREEF.
