Árima Reports Losses of €7.9M in 2019 after Forecasting a Profit of €15.6M in February

The Socimi has announced that it will hold a General Shareholders’ Meeting on Tuesday 28, where it will propose the approval of its accounts, which reflect losses despite the profits forecast in February.

Árima Real Estate -the Socimi created by Luis López de Herrera Oria after Colonial took over his previous listed real estate company, Axiare- has announced that it will hold a General Shareholders’ Meeting this week, specifically, on the 27th on the first call and on the 28th on the second.

At the meeting, the company will address various agenda items, including, the approval of the results for the financial year 2019. At the proposal of the Board of Directors, Árima will ask its shareholders to approve the accounts for the year ending 31 December 2019, which report losses of €7.9 million. That means the Socimi will not distribute any dividends to its shareholders, according to the document sent to the National Securities Market Commission (CNMV).

Ivanhoé Cambridge to Invest Up to €150-Million in Capital Increase for Árima Real Estate

4 November 2019 – Árima Real Estate has announced a capital increase of up to 150 million euros. The Canadian real estate investment group Ivanhoé Cambridge will subscribe to the increase in its entirety, giving the firm up to a 29.9% share in the socimi.

The socimi debuted last year in the continuous market and had assets worth 175 million euros at the end of the first semester of this year.

Ivanhoé Cambridge will subscribe the shares at a maximum price of 10.4 euros, a premium of 3% compared to Friday’s closing price of 10.1 euros.

Currently, the top shareholders in Árima are the Bank of Montreal (10.4%), the Pelham fund (9.9%) and UBS (9.8%).

Original Story: Cinco Dias – A. Simón

Adaptation/Translation: Richard D. K. Turner

Árima Makes its Logistics Debut with the Purchase of a Warehouse for €16.4M

7 May 2019 – Expansión

Árima Real Estate has made its debut in the logistics sector with the purchase of a warehouse spanning 26,000 m2 in San Agustín de Guadalix from an institutional fund for €16.4 million. The property is occupied in its entirety by the supermarket chain Eroski.

For the operation, the Socimi led by Luis Alfonso López Herrera-Oria, has been advised by Catella, EY Abogados and Savills Aguirre Newman as its real estate, legal and technical experts, respectively.

Following this operation, logistics assets account for 12.7% of Árima’s portfolio, with the remainder comprising offices in Madrid. The Socimi’s main shareholders include Bank of Montreal (10.4%); the British fund Pelham (9.984%); UBS (9.164%); Luis Alfonso López Herrera-Oria, (7.791%) and Morgan Stanley (5.122%).

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake