27 December 2018 – La Vanguardia
The Socimi Árima has purchased its first four office buildings in Madrid for €110 million, operations that it has carried out just two months after making its stock market debut in October without any real estate assets in its portfolio.
In this operation, the firm promoted by the former CEO of Axiare, Luis López de Herrera-Oria, has invested the c. €100 million that it raised from its stock market debut and “is whereby starting its journey”.
The four assets purchased comprise a combined surface area of around 27,000 m2, as well as 460 parking spaces, and are located in the business centre district and northeast of the capital.
The firm, which is going to invest €16.7 million to improve the properties, is convinced that they have “great potential for appreciation”.
Specifically, Árima has purchased one building on Calle María de Molina on the corner with Príncipe de Vergara, and another one on the intersection of Paseo de la Habana with Avenida de Alfonso XIII, for €31 million in total.
Moreover, the Socimi has signed a commitment to acquire another two office buildings, located in the northeast of Madrid, for €63 million, which will materialise in January 2019.
With these two operations, Árima is purchasing its first buildings after it made its stock market debut without any assets in October and through which it raised €100 million, a third of the €300 million initially planned.
“With the purchase of these assets, Árima is reaffirming its business plan presented during its IPO and the good investment opportunities that the Spanish real estate market offers”, said the CEO of the firm, Luis López de Herrera-Oria, in a statement.
Original story: La Vanguardia
Translation: Carmel Drake