Spanish banks are selling the premises investment companies

Last year, many Spanish savings banks were on the verge of bankruptcy. Problem does not resolve a huge amount of confiscated property, because you can only sell it at very low prices. To stay afloat, the banks are actively selling off non-core assets - including facilities, which are bank branches. In November, the second largest Spanish bank Caja Madrid has made a deal with investment companies Drago and Cerberus. These private organizations have purchased 97 rooms, some of which the bank will now be rented from the new owners. The cost of the transaction were not disclosed. "We are pleased that you have purchased this property, as well as to the fact that our partner in the deal was the company Cerberus, one of the world's leading private investment firms. We hope that our cooperation with this organization's investment in Spanish real estate will continue," - stated by Drago. In Madrid, this company already has a similar experience: Several years ago the bank sold her Santader room 1150 of its branches, and then took the same properties for rent. Smaller banks are also looking for buyers for their premises. But investors have little interest in such purchases, because they understand that the smaller banks now find themselves in a difficult position and could soon become insolvent. Source: Tranio.ru