Árima buys office building in Madrid for €38.9M

Árima buys office building in Madrid for €38.9M

The 12.000 sqm building has 7 floors and 245 parking spots and should be finished by the end of 2022. Currently, on the same location, there is a building occupied by tech multinational ETRA.

This is a «key in hand» operation carried out through a «forward funding agreement» which was advised by Knight Frank and EY, advanced the REIT in a release this Wednesday.

Although it is still at the project stage, the building already has future occupants such as Deloitte, BMW, Everis, Caixabank and Liberbank.

With this operation, Árima’s portfolio now has a total leasable area of 90.000 sqm and more than 1.000 parking spots below the ground. Its portfolio was estimated at 253 million euro on the 30th of June 2020, according to certificate issued by CBRE Valuation Advisory, following the RICS standards, which represents a 22% increase over the purchasing price. Another 30 million euro asset is currently under due diligence procedures.

Árima announced the results from the first half of 2020. Its Gross Rental Income reached 2.549 million euro up until the 30th of June, 59% higher than the amount registered during the same period last year and 5.9% above last December’s results.

On the REIT’s financial results, Luis López de Herrera-Oria, Árima’s CEO stated that «we remain strong with a low leverage and high liquidity. Despite the extraordinary conditions encountered during the first semester, Árima’s team worked cohesively and our portfolio is ready to face the future. We strongly believe in our portfolio’s track and we have a selective and solid pipeline. We analyse the market constantly and we hope to become buyers in the future», he concluded.

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