Independent sales transactions data on the Spanish commercial property investment market

Office and bank branch investment portflios for sale in Spain

Moor Park and Rreef, which purchased the office and bank branch portfolios of Banco Sabadell and BBVA a few months ago, have started to put the properties back onto the market with the objective of achieving quick capital gains.

Moor Park, owner of the Banco Sabadell portfolio and Rreef which owns the BBVA properties, are offering limited sized portfolios and individual properties to institutional and private investors through various real estate consultancy companies.

Commentators claim that the decision to resell is a sign of confidence in the market which has witnessed low transaction volumes again this year. The properties imply very low risk for the buyers given that the initial sale of these properties was undertaken on a sale & lease back over a long period of time.

Rreef, owned by Deutsche Bank, initially purchased 948 bank branches from BBVA for €1.2bn in September 2009, at initial yields of between 6% and 7%. In March, Sabadell sold 378 bank branches to the British fund, Moor Park Capital Partners, for €403m, with an implied initial yield of 6.65%.

Moor Park has initially placed a portfolio of 50 Sabadell branches on the market, comprising some of the best located properties which it previously acquired, half of which are in Madrid. The properties are being offered at yields in the region of 5%.

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