Spanish lender Ibercaja is looking to raise equity through the sale of around 20% of its property portfolio across the country.

The bank is reportedly selling 204 bank braches in a major sale-and-leaseback structure valued at around EUR 140 mln. According to Spanish press reports, the assets are being managed by Deloitte which hopes to close the sale by the end of the year.

The package - which was put on the market in September - represents a minor part of Ibercaja's real estate portfolio comprising nearly 1,100 braches.