A consortium of Europa Capital, RREEF Europe and Area Property Partners announces that it has completed the acquisition of a second portfolio of Spanish property assets owned by Banco Bilbao Vizcaya Argentaria (BBVA).
The assets, comprising two landmark office assets and 153 bank branches located throughout Spain, will be leased back to BBVA on a long term basis.
Noel Manns of Europa Capital commented: "Following on from the success of the original BBVA sale and leaseback transaction, we are delighted to work again with our investment partners on this second transaction and to demonstrate Europa's continued commitment to invest in Spain"
Ismael Clemente, Head of RREEF Spain, commented: "We are extremely satisfied of the successful closing of this second tranche. We would like to thank our partners AREA, Europa and March for their continued support and confidence in our management capacity up to now. We would also thank our colleagues of RREEF Spezialfonds in Germany for having made their first acquisition in Spain in the framework of this transaction. It is an excellent opportunity for our investors, since we acquire on their behalf very good quality assets in prime locations with a proven and solid tenant".
John Robertson of AREA Property Partners commented: "We are delighted to have the opportunity to continue our relationship with our investment partners, RREEF and Europa. We continue to believe in the fundamentals of this investment and are happy to have now completed on 100% of the original portfolio."