Sabadell recently transacted a massive $496 million sale-leaseback deal with London-based Moor Park Capital. As other Spanish banks too, it is using growing opportunistic demand, particularly from foreign investors, to raise liquidity and relieve balance sheets from intense pressures of 36 months of housing crisis, closely followed by the global meltdown.
The property in question is situated in Barcelona's prime retail pitch. The bank reportedly recently purchased the upper floors for $24.6 million to generate more buyer interest and a higher price on disposal on the advice of realtor Cushman & Wakefield. It is understood that the chief attraction for both interested parties is the 25,000 square feet of retail accommodation. However, Apple is seeking to open its first brand store in Spain on the prestigious street, and Mango wishes to locate its second clothing outlet there.
Andik is a major private shareholder in Banco Sabadell, controlling over 5.7% of share capital. A final decision is expected very soon.
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