BBVA agrees with Merlin Properties the repurchase of 662 offices for 1,987 million

BBVA agrees with Merlin Properties the repurchase of 662 offices for 1,987 million



ABCMadrid Updated:04/01/2022 19:02h
Keep

BBVA has agreed to pay 1,987 million euros for 100% of the shares of Tree Inversiones Inmobiliarias (Merlin Properties), owner of 659 branches and three unique buildings operated until now by the bank.

The consummation of the operation, however, is subject to the prior approval of the National Commission of Markets and Competition (CNMC), so the contractual documents necessary to carry out the transaction are conditioned to obtaining this authorization. .

For the socimi, the amount of the sale represents a premium of 13% on the book value, while for BBVA it also represents savings, since many of these branches were closed and the rental contract extended until 2039.

In fact, for BBVA "this operation provides greater flexibility in the management of its branch network in Spain -as it becomes the owner again- and generates significant economic savings between now and the date on which the agreement ends, in 2040, in a context in addition to rising inflation.

The operation is also part of Merlin Properties' strategy of divestments in segments such as offices, at a time when the company wants to grow in other assets such as logistics and commercial centers.

View commentsTopics



Source link