KEY POINTS:
ANZ National is selling 16 branch properties as it looks to free up additional capital for growth.
It announced yesterday the sale and lease-back of six North Island and 10 South Island National Bank properties as part of its long-term strategy. The last time it sold a tranche of properties was in 2001, when 30 were put up for sale.
Lindis Jones, ANZ National's head of property, said it was not an unusual move as most bank premises were leased, rather than owned. The group currently owns only 56 of its 314 ANZ and National Bank branches.
Jones said the move provides the group with long-term use of these sites while unlocking capital to reinvest for growth.
"Branches are a crucial part of our business and we remain committed to maintaining our presence in our communities. At the same time we have plans to expand our footprint in several key regions, especially Auckland."
Eight new branches are planned over the next 12 months, following the seven opened last year.
The sale and lease-back of the property portfolio - one of the largest to come onto the market this year - will be managed by commercial real estate company CBRE.
The properties are available with secure long-term leases of nine years with several renewal options for up to 24 years.
Auctions will be held in September.
