MEXICO CITY-HSBC has sold 90 bank branches and corporate offices in Mexico for $90 million in a sale-leaseback deal. Eight private Mexican investors bought the properties, though HSBC will continue to lease the sites.
Jones Lang LaSalle represented the bank in the sale. Rodolfo Albin, an SVP with JLL, tells GlobeSt.com that the sites were leftovers from when London-based HSBC bought Grupo Financiero Bital, the country’s third largest retail bank, for $1.1 billion in 2002.
“HSBC would prefer to lease rather than own,” Albin says. “The bank now has no owned property in Mexico.” He was assisted on the deal by Felix Sanchez Soler and Mauricio Lozano from JLL.
Guillermo Mijares, sub-director of real estate management for the bank, said in a statement that there was strong demand for the properties. More than 100 investors, and eight final buyers, vied for this portfolio, he said.
The bank has about 1,144 branches in Mexico and about eight million active customers, with $435 AUD. The local company is a subsidiary of HSBC Latin America Holdings Ltd.
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