CB Richard Ellis advises BBVA on the €1.15B sale & leaseback of its real estate assets

CB Richard Ellis announced today that it has advised Spanish bank BBVA on the sale and leaseback of its real estate portfolio, comprising more than 948 bank branches and office buildings. This is the largest disposal of properties so far in 2009.

The transaction, which started last year when BBVA instructed CBRE to market the majority of its real estate assets, was completed today. RREEF Alternative Investment, Deutsche Bank’s real estate fund, alongside AREA and Europa Capital Partners carried out the €1.15 billion purchase. The bank has accumulated €800 million in capital gains regarding the complete deal.

BBVA split the portfolio to attract a wider range of investors and has agreed to lease the properties on terms of between 20 and 30 years.

Adolfo Ramírez-Escudero, Executive Managing Director CB Richard Ellis, Spain, said: “Once again, the Spanish market positionates itself as a sale & leaseback leader market. And once again, CBRE is the chosen real estate consultancy to advise a best-in-class company in the most important and complex transaction so far this year”.

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