EUROPE - Banco Bilbao Vizcaya Argentaria (BBVA) has offloaded a second tranche of property assets to the group of RREEF Europe, Area Property Partners and Europa Capital for €364m.

The Spanish bank has entered into a sale and leaseback deal on a number of bank branches in the country, following a similar deal last year.

The assets, comprising two landmark office assets and 153 bank branches located throughout Spain, will be leased back to BBVA on a long-term basis.

In September 2009, BBVA entered into a similar sale and leaseback deal with the same group worth €1.15bn.

The transaction represents the first Spanish acquisition for the RREEF Spezialfonds business, which invests on behalf of German institutional investors.

Ismael Clemente, head of RREEF Spain, said: "We are extremely satisfied with the successful closing of this second tranche.

"It is an excellent opportunity for our investors, since we acquired on their behalf very good-quality assets in prime locations with a proven and solid tenant."

John Robertson of AREA Property Partners added: "We continue to believe in the fundamentals of this investment and are happy to have now completed on 100% of the original portfolio."