Just a few days ago, the Santander financial group announced an agreement with the Luxembourg-based company Ziloti to buy the majority stake that it owns in Uro Property, a listed real estate investment company (Socimi), which is valued at around 180 million euros.
The operation, which is pending approval by the competition authorities, involves the repurchase of some of the branches that the bank itself sold to Sun Capital and Drago Real Estate in 2007. At that time, Santander sold 1,152 bank branches but agreed to continue as the tenant for 25 years (sale & leaseback operation) for 2.04 billion euros, generating net capital gains of 860 million euros.
Read the full article in Spanish.
