BBVA acquires 662 branch offices. The advisors
Cuatrecasas has advised BBVA on the acquisition of 662 branches from Merlin Properties, advised by Freshfields Bruckhaus Deringer, for more than €1.9m.
Through this agreement, BBVA acquires 100% of the shares of Tree Inversiones Inmobiliarias SOCIMI, former owner of 662 assets, of which 659 were bank branches and 3 were unique buildings, with an approximate area of 298,000 square metres spread throughout Spain, in 268 municipalities and 49 provinces.
BBVA expects the transaction to have an initial capital consumption of 7 basis points and to generate an initial net negative impact on the multinational’s results of approximately €200m. However, these impacts will be offset by the accumulated savings expected after the closing of the transaction.
After requesting approval from the Spanish Securities and Exchange Commission (CNMV), this transaction has been completed and could be one of the largest of the year in the Spanish real estate market.
The team from Cuatrecasas advising BBVA was formed by the Partners (pictured from left to right), Joaquín Garaulet, José Luis Rodríguez, Andrew Ward and the Associates, María Igea, Erik Serrano, Ana Andrés y María López Ridruejo.
Uría Menéndez advised BBVA too with a team led by partners Iratxe Celaya, David López and Víctor Viana.
Freshfields Bruckhaus Deringer advised Merlin Properties with corporate partner Armando Albarrán and associate Mario Pacini and real estate partner Fernando Soto.
Garrigues advised Merlin Properties too with a team led by Mónica Martín de Vidales Godino.
