The bank last year launched the sale of all of its Spanish realestate assets except for its headquarters in the northern city ofSantander. The bank had initially valued the real estate assets tobe sold at $5.9 billion. However, with this recent sale, the totalcomes to about $6.5 billion, generating a total capital gain ofabout $2.5 billion.
Santander Financial City is a 395-acre complex, which includesoffices, amenities and green space designed by architect KevinRoche. It has more than four million sf of building space. The sitealso includes a hotel, training center, nursery school, sportsfacility and 18-hole golf course.
Last June, Santander had announced its intention to sell of itsreal estate assets with its stated purpose to "optimize the Group'sbalance sheet." In November, it completed two sizeabletransactions.
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