A consortium of RREEF Alternative Investments, Area Property Partners and Europa Capital has announced that it has completed the acquisition of a significant majority of Spanish property assets owned by Banco Bilbao Vizcaya Argentaria (BBVA). The assets, comprising three landmark office assets and 944 bank branches located throughout Spain, will be leased back to BBVA.
Ismael Clemente, Head of RREEF Spain, commented: "This transaction provided an excellent opportunity to acquire, for our collective investors, quality assets with a strong cash flow from a very highly rated tenant. It significantly builds on RREEF's presence in the Spanish real estate market."
John Robertson of AREA Property Partners commented: "We are delighted to be in this partnership with RREEF and Europa Capital once again. We successfully acquired the substantial Oldham Estate in the UK together some years ago and very much look forward to resuming such a productive relationship".
Noel Manns of Europa Capital commented: "This investment represents a high quality covenant in uncertain times and we are delighted to work again with partners who we know and with whom we have an existing relationship. This transaction demonstrates the commitment from Europa to the Spanish investment market."