Axiare Patrimonio has invested €41.5m in a Madrid office building.

The Spanish real estate investment trust (REIT), or Socimi, has bought the prime office property, in Calle Puerto de Somport.

The deal takes Axiare’s real estate assets to more than €1.3bn in value.

The 9,280sqm property, in Las Tablas, is leased until 2026 to French car manufacturer PSA Group.

Luis López de Herrera-Oria, chief executive of Axiare Patrimonio, said: “We have acquired this property based on its excellent location, quality and prestige.”

The property is, he said, in a highly consolidated area, with a high number of corporate headquarters.

“This is the natural expansion area from the centre of Madrid, which is growing extremely quickly.”

Axiare last year invested €124m in a 15,094sqm property on Calle Almagro.