Glenn Maud’s Propinvest has completed its €1.9bn (£1.5bn) deal to buy the Banco Santander headquarters complex in Madrid – the largest single-property European acquisition ever completed.

Bank debt for the deal has been provided by a consortium of banks led by Royal Bank of Scotland, HSH Nordbank and Bayern LB.

Propinvest has bought the building in partnership with investor Derek Quinlan.

The 1.8m sq ft headquarters complex is located on a 400 acre site in Boadilla del Monte in Madrid. Banco Santander has taken a 40 year lease back on the building, with an initial annual rental income of €83m (£66m).

A spokesman said: ‘This highly complex transaction has been undertaken in extremely challenging financial markets. To fund this transaction in such an environment is a testament to the quality and opportunity of this unique and exceptional investment.’