Árima Acquires Two Prime Office Buildings in Madrid

7 February 2019

Árima is remaining faithful to its goal of generating value for its shareholders and complying with its contractual committments. In this line, Árima has concluded the acquisition of two office buildings in Madrid, fulfilling the binding investment commitment it announced on December 27, 2018. Árima also announced that it had signed a 30-million-euro bridge loan with CaixaBank, which will allow it to continue expanding its portfolio.

On December 27, the Socimi announced the acquisition of its first two real estate office assets for 31 million euros. The assets in the middle of the Madrid central business district: on calle María de Molina, on the corner of Príncipe de Vergara, and at the junction of Paseo de la Habana and Avenida de Alfonso XIII. The firm also announced a binding commitment to acquire two prime office buildings, which it formalised in January 2019, as planned. The total amount of the operation amounts to 62.75 million euros. The two office buildings have a total gross leasable area of ​​20,200 m2 and have a total of 395 parking spaces.

The first of the two assets is located on calle Josefa Valcárcel 42, in the urban and very corporate area around the M30-A2, next to the new headquarters of Santander Spain and calle Arturo Soria, and with quick access to the airport. The building benefits from high levels of visibility from the A2 and is currently leased to very well-regarded Spanish multimedia groups. Árima has hired the architectural studio Álvarez-Sala to plan a full rehabilitation and transform it into one of the best office buildings in the area.

The other property is in the Cristalia business park, in the business district of Campo de las Naciones. It is one of the best buildings in the area and has LEED Gold certification. The building is partially leased to one of the largest insurance groups in the world, and the company is in advanced negotiations to take over the rest of the building.

In total, the Socimi, which debuted on the stock market on October 23, has completed the acquisition of four real estate assets and has already invested all the funds it raised from its shareholders. The acquisitions faithfully adhere to the socimi’s investment model, which is made up of a balanced portfolio of leased offices with a significant potential for elevated returns for the socimi’s shareholders.

Luis Alfonso López de Herrera-Oria, the CEO of Árima, stated: “We are still able to find good opportunities that, thanks to the team’s agility and real estate experience, we can quickly execute and increase their value, as we have shown in the past.”

EY Abogados acted as a legal advisor, PwC for technical due diligence and CBRE as a global advisor for Árima on the operation.

Original Story: EjePrime

Translation: Richard Turner


Duro Felguera Sells 2 Madrid Office Buildings to Signal Capital

14 March 2018 – Property Funds World

Signal Capital Partners has completed the acquisition of two office buildings in Madrid from Duro Felguera. Optimus Global Investors acted as sole advisor instructed by the vendor.

The largest building is the corporate headquarters of Duro Felguera in Madrid, which is located at Via de los Poblados 7, in the consolidated Campo de las Naciones Business Park. The freestanding office building comprises an area of almost 14,000 sqm GLA, set over five floors, as well as two basements with 228 car parking spaces. Duro Felguera has entered into a new lease over part of this building.

The Campo de las Naciones office market is considered to be one of Madrid’s most established and attractive office markets outside the CBD, strategically located midway between the Barajas airport and the CBD and near Madrid’s exhibition centre. The building benefits from both high visibility from the main ring road (M-40) and large open plan floor layouts. It is also next to the Cristalia Business Park, comprising almost 100,000 sqm of office accommodation, a modern hotel and amenities such as a nursery and several restaurants.

The second property is a vacant office building located at Calle Jacinto Benavente 4 in Las Rozas, Madrid. That property comprises an area of 2,600 sqm GLA, set over three floors and with 133 car parking places. The property, next to Tripark, is located in the Las Rozas Business Park, a consolidated office area in the northwest of Madrid in which well-known multinationals such as HP, Bankia, Oracle, Día, Santander, Adidas, ING and Triodos, amongst others, are located. It has a high occupancy rate, is easily accessible by car from the main highways of Madrid (A-6, M-40 and M-50) and enjoys amenities such as restaurants, gyms, shopping centres (Las Rozas Village and Heron City) and leisure activities.

Kris Van Lancker, Managing Director at Optimus Global Investors, says: “This has been one of the most complex transactions in which Optimus has successfully advised. The difficulty lay in finding the fine balance between the financial and office space needs of Duro Felguera in the scope of its global refinancing program and the investment requirements of Signal Capital Partners. It allows Duro Felguera to divest its non-strategic assets and at the same time helps Signal meet its risk-adjusted return targets.”

Original story: Property Funds World

Edited by: Carmel Drake

Hispania Buys Plot Of Land In Madrid For €32M

25 October 2016 – Expansión

The Socimi Hispania has purchased a plot of land in Madrid for €32 million, where it plans to construct two offices buildings.

The plot is located on Vía de los Poblados, 1, in the Campo de las Naciones area of the city, next to the Cristalia business park. The acquisition has been carried out through the company Mangareva Development, S.L..

The Socimi will develop a complex on this land comprising two office buildings with a combined surface area of 56,000 m2, of which 33,124 m2 will be above ground. In addition, the site will have 800 parking spaces.

The two buildings will be joined by a covered walkway and will have facilities such as restaurants and cafeterias, a gym, a nursery and an auditorium, amongst others.

The Socimi plans to begin construction work immediately for completion by the end of 2018. According to the company, “this development, one of the most important to be undertaken in Madrid over the next two years, will have the highest environmental certification levels and a LEED Platinum certificate”.

Original story: Expansión (by D.B.)

Translation: Carmel Drake

Hispania Buys 2 Office Buildings From Deka For €54.5M

25 June 2015 – Hispania Press Release

Hispania, through its 100% subsidiary company Hispania Real SOCIMI, S.A.U., has acquired two office buildings in Madrid from Deka. (…)

The Foster Wheeler building is located on C/ Gabriel García Márquez, 2, in Las Rozas, to the Northwest of Madrid. It has a Gross Leasable Area (GLA) of 11,058 m2, spread over three floors and 544 parking spaces. The asset has an occupancy rate of 100%, since it houses the headquarters of Foster Wheeler under a lease agreement.

The 4B Cristalia building (pictured above) is located in the Cristalia business park to the Northeast of Madrid, and has a GLA of 10,928 m2, spread over seven floors, plus 202 parking spaces. (…)

The purchase price agreed for both buildings was €54.5 million, which was fully disbursed with Hispania’s own funds. JLL acted as advisor to Hispania in this transaction.

These two acquisitions perfectly fit with Hispania’s strategy for the office segment in consolidated areas of Madrid.

Both buildings are very well maintained and in optimal condition.

Original story: Hispania Press Release

Edited by: Carmel Drake