SEB Asset Management has acquired an office building in a sale-and-leaseback transaction from Caja Madrid for EUR 108 mln. Caja Madrid, Spain's oldest savings bank, is renting the building back for 30 years. Housing the bank's IT centre, the six-storey building comprises total rental space of around 43,700 m2 and 537 parking spaces. It is part of a business park located 18 kilometres north west of Madrid that was developed in the mid-1990s.

'Secure long-term income at an established location means solid earnings growth', said Barbara Knoflach, CEO of SEB Asset Management. 'Our goal is to significantly increase the investment activity of SEB ImmoPortfolio Target Return Fund.'

Caja Madrid was established in 1702. The fourth-largest Spanish financial services provider is backed by the City and the Autonomous Region of Madrid.

Deloitte advised the bank on the sale process, Exa Consulting Investment acted for SEB AM. Caja Madrid had received four offers for the property in March.

The sales comes at the same time that London-based Barclays is putting a portfolio of 34 bank branches in the country up for sale. The lender, which is looking to sell through a sale-and-leaseback structure, has hired Jones Lang LaSalle to market the properties, which are worth EUR 25 - 35 mln. Earlier this month, Banc Sabadell also completed the sale of its Spanish real estate portfolio in a EUR 403 mln sale-and-leaseback transaction with UK investor Moor Park.