A Spanish court ruled that Reuben Brothers won a tender to acquire Banco Santander SA's headquarters outside Madrid with a €283 million cash bid, net of debt, Reuters reported.

The Spanish bank, which had submitted a €232 million bid to regain ownership, still has the right of first offer for the property, the news agency added, citing a source familiar with the deal.

The tender was part of a liquidation settlement with Marme Investments, which acquired Santander's headquarters in 2018 for €1.9 billion in a 40-year sale-leaseback deal.

Santander, which pays millions of euros in monthly rent to the owner of the 250-hectare plot, will appeal against the result of the tender, the news outlet reported, citing a Santander spokesman.