Uro Properties Sells 14 Santander Branches for €29.5M

6 September 2018 – Eje Prime

Uro Properties is doing business with Lerma Investments. The Socimi, one of the investment vehicles that owns some of Santander’s branches, has sold fourteen of the financial institution’s branches to the company Lerma Investments for €29.5 million, according to a statement filed by the group with the Alternative Investment Market (MAB).

The assets are currently leased to Banco Santander for an average period of 21 years. Following this sale, Uro Properties will have liquidity of €44 million. Moreover, the Socimi will continue to own a portfolio of bank branches with a market value of more than €1.88 billion.

Uro Properties debuted on the MAB in March 2015 at a price of €100 per share and with a market value of almost €260 million. Three years later, its market capitalisation amounts to €206.9 million. The reference shareholders in the company are the firm Ziloti Holdings and Banco Santander itself, which owns 15% of the share capital directly.

Currently, the Socimi’s portfolio comprises 712 properties, which occupy a surface area of more than 330,000 m2. More than half of those assets are located in Madrid, Cataluña and Andalucía.

Original story: Eje Prime 

Translation: Carmel Drake