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Thursday, February 22, 2024

Cuatrecasas advises BBVA on €1.9bn acquisition of Tree Inversiones Inmobiliarias

Cuatrecasas has advised BBVA on the purchase of 100% of the shares of Tree Inversiones Inmobiliarias SOCIMI from Merlin Properties for more than €1.9 billion

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The company owned 662 assets, of which 659 are bank branches and 3 are unique buildings, with an area of approximately 298,000 square metres spread throughout Spain, in 268 municipalities and 49 provinces.

This operation gives the bank greater flexibility in the management of its branch network in Spain and will result in significant financial savings for the financial institution. BBVA expects the transaction to have an initial capital consumption of seven basis points and generate an initial net negative impact on the multinational’s results of approximately 200 million euros; however, these impacts will be offset by the accumulated savings expected after the closing of the transaction.

Only a month and a half after requesting approval from the Spanish Securities and Exchange Commission (CNMV), the transaction, which could be one of the largest of the year in the Spanish real estate market, has been completed.

The team involved in the transaction was made up of Cuatrecasas lawyers Joaquín Garaulet, José Luis Rodríguez, María Igea, Andrew Ward, Erik Serrano, Ana Andrés and María López Ridruejo.

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