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In this article, a mixed dimensional elliptic partial differential equation is considered, posed in a bulk domain with a large number of embedded interfaces. In particular, well-posedness of the problem and regularity of the solution are studied. A fitted finite element approximation is also proposed and an a priori error bound is proved. For the solution of the arising linear system, an iterative method based on subspace decomposition is proposed and analyzed. Finally, numerical experiments are presented and rapid convergence using the proposed preconditioner is achieved, confirming the theoretical findings.