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BBVA Sells Asset Package for $466M

MADRID-The bank has set a lease-back contract for a term of 30 years, which includes a buy-back option.

By Allan Saunderson | Updated on September 01, 2010

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.

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