HSBC Holdings PLC said Monday that it will sell and lease back its two buildings in Paris for $572.5 million.
The properties, at 103 Avenue des Champs Elysees and 15 Rue Vernet, have 357,000 square feet combined and are the last two major corporate buildings that the U.K. bank put on sale in recent months.
The Paris buildings are being sold to real estate asset manager French Properties Management on behalf of private investors, the bank said in a statement, adding that it will lease back the properties for nine years.
HSBC, which has weathered the financial crisis relatively well compared with its U.K. peers because of its exposure to emerging markets, has said the sales are part of its active property-management program. According to analysts, HSBC is likely freeing up capital as it prepares to meet new requirements that regulators will impose on banks to make sure they have a capital cushion for times of distress.
