CBRE Advises on the Sale of 381 Santander Bank Branches for Almost €308 Million
CBRE, the leading international real estate services and consultancy company has exclusively advised URO Property Holdings Socimi on the sale of 381 bank branches leased to Santander Bank.
The 381 assets constitute the majority of the branches that make up the portfolio named the ‘Yellow Portfolio', the smallest of the three portfolios into which the Santander Bank branches owned by URO are divided.
The branches, spread throughout Spain, comprise a total of approximately 90,000 square metres and the leases with Santander Bank range from 24 to 26 years. The majority of the assets are located in the main cities of Andalusia, Catalonia, Castilla y León, the Basque Country and Madrid with the rest situated in prime locations in secondary municipalities.
Following a competitive process, the portfolio was finally acquired by AXA Real Estate Investment Managers via a joint venture between two of its institutional clients for a total of €308 million euros.
“The deal is a result of the current investment strategies being followed by institutional investors; to acquire high-volume assets or portfolios with guaranteed long-term leases and top-level covenants and that, despite the fact pressure on prices is causing depressed yield, have attractive yields in relation to the competitive environment at European level.”
This acquisition consolidates the trend of the last year in terms of investment, which has hit record levels in Spain. In fact, this deal along with others such as the sale and leaseback of the Junta de Andalucía or the sale of the Lake Portfolio, on which CBRE also advised, serve as perfect examples of large volume portfolio sales that have been purchased by foreign institutional investors.