Invesco Real Estate has completed the acquisition of a 10,000 m2 office building in Madrid from Pramerica Real Estate Investors, PropertyEU has learnt. The transaction price is understood to be around EUR 40 mln, reflecting a net yield of 6.5%.

The deal is said to be the largest single asset buy carried out in the Spanish market so far this year.

The Titán 4 tower, located to the south of Madrid, within the M-30 ring road, is fully let to Administrador de Infraestructuras Ferroviarias (Adif), the Spanish state-owned railway and infrastructure management company. It was acquired by Pramerica in 2008 from local property firm Nozar.

C&W advised Pramerica, Invesco RE was not represented.

Pramerica had put the asset on the market before the summer with a tag price of EUR 41-42 mln. It was not immediately clear which fund Invesco has bought the asset for.