Banco Santander is continuing to reorganise its real estate assets and recover its portfolio of bank branches across different parts of Spain. In its latest move, the entity has bought back a portfolio of 380 of its own branches from AXA IM, the real estate investment arm of the French insurance company, according to El Confidencial.
AXA IM paid 300 million euros for the portfolio and the operation was advised by BNP Real Estate. The purchase will generate significant savings for Banco Santander, which will no longer have to pay the branch rents, which have shot up considerably in recent times with the rises in inflation.
Read the full article in Spanish.
