Bankia, the Spanish savings banks conglomerate that was formed in December 2010, has completed the sale and leaseback of a portfolio of eight Caja Madrid office properties to a partnership of Drago Capital and Grupo Atitlan. The transaction price amounts to around EUR 22 mln.

The transaction is the first property deal carried out by the group, which represents the union of seven Spanish savings bank led by Caja Madrid. The deal is in line with the group's strategy to extract value from its real estate portfolio and boost its cash position.

Caja Madrid has carried out a number of sale-and-leaseback deals in the past including the divestment in November last year of a portfolio consisting of 97 bank branches to Madrid-based investment firm Drago Capital and an affiliate of Cerberus Capital Management. The transaction amounts to EUR 96 mln.

Atitlan is based in Valencia and manages a portfolio worth some EUR 500 mln.