LloydsTSB has sold its Spanish headquarters to the German fund Oppeneheim for ¬29.15m, in a sale-and-leaseback transaction.
The building comprises 5,525m2 of office space and will provide Oppenheim with an initial net yield of 6.5%.
“This transaction is an example of the growing tendency in the banking sector for banks to sell their real estate assets in order to focus resources on their core business and to finance potential expansion plans,” says Roger Cooke, managing director of Cushman & Wakefield, Healey & Baker in Spain, who advised the bank.
