Private investor Glenn Maud has bought the Santander Group City complex in Madrid for €1.9bn (£1.4bn).
Banco Santander has announced that it has sold its 1.5m sq m (16.1m sq ft) complex in Boadilla del Monte at a 4.5% yield to a consortium led by Maud’s PropInvest.
The sale exceeds PropInvest’s and Derek Quinlan’s £1bn acquisition of Citigroup’s Canary Wharf headquarters in December.
Santander brought the complex to market in June as part of the €4bn (£2.9bn) sale of commercial property assets.
The disposals, which included the sale of 1,200 high street banks to Sun Capital Partners for €2bn (£1.5bn), have been carried out to raise funds for the €71bn (£52.7bn) break-up bid for Dutch bank ABN AMRO.
Santander said that has taken a 40-year lease on the Santander Group City complex.
In a statement to the Spanish stock exchange, the bank added that it made a €605m (£448.7m) profit from the sale of the complex and a €1.7bn (£1.3bn) profit on the sale of the entire portfolio.
CB Richard Ellis advised Santander.
