Moor Park sells Bank Branches for $71M

MADRID-One of Spain’s largest real estate holdings, Pontagadea, controlled by Inditex head Amancio Ortega, has purchased five large retail banking units in major Spanish cities, from ISC Freshwater Investment – advised by the UK-based Moor Park Capital – for around $71 million. The units are leased to Banco Sabadell for a minimum 25-year term.

Following the acquisition of 378 Banco Sabadell branches for around $517 million in April 2010, ISC asset adviser Moor Park received inquiries from investors seeking assets from the portfolio. Due to the high level of demand, it made available a small selection through a selective marketing process, of which these assets form a part. To date, around $84 million of assets have been sold, with the sale process due to continue in 2011.