Banco Santander in Sale-Leaseback Deal for HQ with Propinvest
- Feb 05, 2008
Banco Santander announced on January 25th that it made a deal with the consortium led by the U.K. property investor Propinvest for the sale of the Grupo Santander City and its simultaneous lease-back for a period of 40 years. The deal includes a purchase option for the Bank at the end of the lease. Plans call for the deal to be done by the end of March.Selling the city is part of the bank’s plan to sell and lease-back a portfolio of properties owned by it in Spain, of which this is the last part. The price for the deal is $2.8 billion.Grupo Santander has sold properties–always with simultaneous lease-back and purchase option. The total amount of sales so far is approximately $6.5 billion.