Drago Capital, the Madrid-based private equity real estate has teamed up with global private investment firm, Cerberus Capital Management, to buy 97 bank branches from Spain’s fourth largest bank, Caja Madrid, in a sale and 25-year lease back transaction.
The size of the deal was not disclosed, but three banks financed the deal; Banco Santander, La Caixa and Natixis. Cushman & Wakefield valued the branches. Gómez-Acebo and Pombo and Ashurst were legal advisers to Drago and Cerberus. Linklaters advised the financing banks.
In a statement, Drago said it was a high-quality real estate portfolio and that it hoped to work with Cerberus again on future Spanish deals.
Drago Capital is a real estate investment and management company that invests in the Iberian market whose portfolio includes 1,152 branches leased to Banco Santander.
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