23rd Nov 2007 16:44
Banco Santander S.A.23 November 2007 Press Release Banco Santander sells 1,152 properties to the Pearl Group for • 2,040 million • The Bank will enter into a lease agreement for a 45-47-year period, with purchase option rights • The transaction will generate a net capital gain of €860 million for the Bank Madrid, 23rd November 2007. Banco Santander has today concluded the sale of1,152 properties to a company belonging to the Pearl Group, whose mainshareholder is Sun Capital. Simultaneously, Grupo Santander has entered into alease agreement for the aforementioned properties for a period of between 45-47years, reserving purchase option rights on the latter. The transaction amounts to €2,040 million, generating an approximate net capitalgain of €860 million for Grupo Santander. The properties, mainly banking branches, are located throughout Spain. Thistransaction is part of the restricted private invitation to tender organized byBanco Santander for the sale and lease-back of several of its properties inSpain, which has not yet concluded. On 14th November, Banco Santander concluded the sale of 10 buildings to thePontegadea Group for an amount of €458 million, obtaining a capital gain of €216million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Banco Santander