SEB confirms sale of Bankia IT office in Madrid

Asset manager SEB Asset Management confirmed on Tuesday that it has sold the IT head office of lender Bankia in the Las Rozas district of Madrid, as tipped by PropertyEU last month.

Although SEB AM declined to comment on the buyer or transaction price, PropertyEU understands that the asset was bought by its occupier, Bankia for around €130 mln.

State-owned Bankia 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 into the Bankia state-owned group. It paid €108 mln at the time for the building, which is currently valued at around €116 mln.