MADRID-A consortium of RREEF Europe, Area Property Partners and Europa Capital have acquired a second package of property assets owned by Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) less than a year after they partnered to invest $1.5 billion in 944 BBVA branches.
The deal was at a reported a price of $466 million, with BBVA making a capital gain of $307 million. The bank has set a lease-back contract for a term of 30 years, which includes a buy-back option.
The new deal is a parallel sale-leaseback transaction encompassing two landmark office assets and 153 bank branches located throughout Spain. “We are extremely satisfied with the successful closing of this second tranche,” said Ismael Clemente, head of RREEF Spain, part of the Deutsche Bank group. Commented John Robertson of private equity group Area, “We continue to believe in the fundamentals of this investment and are happy to have now completed on 100% of the original portfolio.”
Noel Manns of London-based investment manager Europa Capital said the success of the original BBVA transaction prompted a repeat deal with the same consortium, and demonstrated Europa’s continued commitment to invest in Spain.
Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.
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