Spanish bank Banco Santander is to buy half of the 3 Minster Court office building in the City of London for around £111m from Prupim.

The bank is buying the 50% stake of the office building on behalf of three of its funds. The price reflects a yield of 5.75%. The other half of the building is owned by German fund manager Bankhaus Woelbern.

The building is let to a number of tenants, including insurer Zurich. Knight Frank is advising Prupim; DTZ is advising Banco Santander.