Two cash-strapped Spanish regions are rushing to close sales of more than 100 office buildings to U.K. and U.S. money managers for about $1.17 billion, in this year's first big test of investor appetite for Spain's battered property sector.

Two cash-strapped Spanish regions are rushing to close sales of more than 100 office buildings to U.K. and U.S. money managers for about $1.17 billion, in this year's first big test of investor appetite for Spain's battered property sector.