Friday September 25, 06:37 PM
BBVA sells 1 bln dlrs of property to Deutsche Bank
MADRID (AFP) - Spain's second largest bank, BBVA (Madrid: BBVA.MC - news) , said Friday it has reached an agreement to sell 948 property assets in Spain to a Deutsche Bank (Xetra: 514000 - news) investment fund for 1.15 billion euros in a "sale and leaseback" deal.
The sale of the assets, "most of which are offices," will book BBVA some 830 million euros in gross capital gains, it said in a statement.
It said the properties would be sold to Tree Real Estate Investments, a corporation managed by Deutsche Bank's fund RREEF Alternative Investment.
A source close to deal had earlier told AFP that the sale involved 950 branches for 1.2 billion euros and a capital gain of 900 million euros.
BBVA announced on September 18 that it was negotiating the sale of some of its branches in Spain, with a "sale and leaseback" option.
The bank in July announced second-quarter profits of 1.56 billion euros (2.21 billion dollars), up 35 percent from the same period in 2008.
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