Citi to Sell and Leaseback About 92 U.S. Branches
10 July 2013 - 6:36AM
Dow Jones News
By Matthias Rieker
Citigroup Inc. (C) is selling 92 of its retail banking branches
in California in a leaseback agreement with Jones Lang LaSalle Inc.
(JLL), according to both companies.
The bank is selling the branches to "capitalize on the high
demand for well-situated rental properties," a Citigroup spokesman
said. Jones Lang said on its website that the branches are in
"premier markets" in California, with heavy concentrations in the
San Francisco Bay Area, Los Angeles and Orange County.
The Citi spokesman said the proposed sale and leaseback will
have no impact on employees or customers. "We will continue to
operate the branches after the sale," he said.
Write to Matthias Rieker at matthias.rieker@dowjones.com
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