Spanish lender Bankia is understood to have bought back its IT head office in the Las Rozas district of Madrid for around €130 mln from SEB Asset Management.

Spanish lender Bankia is understood to have bought back its IT head office in the Las Rozas district of Madrid for around €130 mln from SEB Asset Management.

The buyer and occupier is believed to be exercising its right of first offer on the building, which was put on the market last year by the SEB ImmoPortfolio Target Return Fund.

Dating back to 1991, the complex provides around 43,700 m2 of space and is occupied by Bankia which previously paid a rent of around €7.2 mln a year.

SEB AM originally bought the asset in 2010 from Caja Madrid, a troubled savings bank which was later incorporated in the Bankia state-owned group. It paid €108 mln at the time for the building, which is currently valued at around €116 mln.

SEB AM declined to comment on the deal.

The transaction comes hot on the heels of SEB's sale last month of a €1.1 bn European portfolio to US REIT NorthStar. The package, including 11 office buildings in seven countries in Europe, was sold in line with market value.