Spanish savings bank Caja Madrid has sold and leased back its corporate headquarters in Las Rozas, Madrid, to SEB Asset Management.
The bank sold the asset on behalf of its German open-ended ImmoPortfolio Target Return Fund for €108m, reflecting an estimated net yield of 6.75%.
The Spanish bank also committed to renting the property for 30 years.
The six-storey building, which comprises total rental space of around 43,700 m² and 537 parking spaces, is part of a business park located 18km north-west of Madrid that was developed in the mid-1990s.
EXA Consulting Investment advised SEB on the deal.
