After receiving the authorization of Spain’s National Commission for Markets and Competition (CNMC in Spanish), BBVA finalized the purchase of Tree Inversiones Inmobiliarias SOCIMI from Merlin Properties. The company has 662 offices rented to BBVA.
This operation gives BBVA greater flexibility to manage its network of branches in Spain, as the bank resumes ownership, generating significant savings in a context of rising inflation (the contract includes a clause that annually adjusts rent prices to 1.5 times inflation).
BBVA paid €1.99 billion for 100 percent of the shares of Tree Inversiones Inmobiliarias - the owner of the properties (659 branches and three unique buildings). The operation will initially consume -7 basis points of capital and have a net impact on the second quarter income statement of approximately -€200 million.These impacts will be more than compensated by the savings this transaction is expected to generate.