Bank Santander takes over control of Uro Property and buy 650 branches by 152 million

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The Bank Santander has announced its intention to rebuy 650 of its branches to save money on the rental of the same , and for that reason has decided to take control of the reit Uro Property, the owner now of those premises, for 152 million euros, as reported this Friday sources of the entity.

The reit acquired in 2007 the local to the Banco Santander and signed a contract with the group by promising to follow them in regime of rent, but the financial institution has come to the conclusion that he is more interested to have them under your property .

this Is a financial transaction with the group headed by Ana Botín is generate savings , considering that the cost of the purchase of the property is less than the future obligations of rent, explained the same sources. The operation has a neutral effect on capital, and in the account of results, have been pointed out from the entity.

Since the entry into force in 2019 of the international regulations IFRS16, the accounting treatment of leases has changed and companies have a pick-up in your accounting obligations (debt) for the payment of rents, which encourages the purchase of this type of assets, explain industry experts.