Uro Property Holdings Socimi, which owns the real estate for one-third of Santander’s branch network, has retained BNP Paribas Real Estate to sell or re-let 40 branches the bank will be leaving. The bank’s exit from these Spanish branches is a reflection of its strategy to reduce costs. Under an agreement with Uro Property, Santander is allowed o exit between 4 and 5 branches per year. Uro Property acquired 1,152 offices from Santander in 2007 under a sale & leaseback arrangement for €2bn.
