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Barcelona's Catalunya savings bank in e183m S&L deal
The Barcelona-based Catalunya Savings Bank's (Caixa Catalunya) is to make a sale and leaseback of 146 bank and office buildings around Spain to large investment companies and family groups in a deal valued at e183m - with gains of around e54m. The bank has undertaken to lease back the properties for 20 years and has a buy back option at the end of that period. The most prestigious asset in the portfolio comprises the bank's own headquarters, a small palace in Calle de Recoletos, Madrid, which sold for e16m to Spanish investor Grupo Via Celere. Caixa Catalunya, which has 1,200 branches throughout Spain, expects to sell and lease back a further 800 before the end of the year. Many other Spanish private and savings banks are in the process of selling office and branch premises.