NatWest Group AUGUST 2023

The portfolio is a large liability portfolios comprising 77 leases across the United Kingdom and the Republic of Ireland.

The leases are a mixture of surplus bank branches and offices and consist of both short and long leaseholds in Dublin, London and numerous regional cities and towns.

For SPS this is an exciting re-entry to the banking sector after having completed a portfolio for Santander before the pandemic.

For NWG completing a leasehold liability transaction (“LLT”) with SPS was an efficient and effective method of shedding non-operational property liabilities.

Following on from a first leasehold liability transfer in August 2023, in December 2024 NWG and SPS completed a further leasehold liability transaction of another 34 properties across England, Scotland and the Republic of Ireland. This brings the total number of leasehold liabilities transferred from NWG to SPS to 111.

The properties range from small branches in provincial towns to larger branches in London, as well as a number of offices.