Pramerica Real Estate Investors has confirmed the sale of the Titán 4 office building in Madrid to Invesco Real Estate, as reported by PropertyEU last week. Financial details were not disclosed but the transaction price is understood to be around EUR 40 mln, reflecting a net yield of 6.5%.

Cushman & Wakefield advised on the transaction and has also been appointed to asset-manage the building.

Pramerica acquired the property in 2008 from local developer Nozar and put it on the market before the summer with a tag price of EUR 41-42 mln.

The building is let to Spanish railway infrastructure manager Adif and comprises around 10,300 m2 and 218 parking spaces.