Thus, in only three months after being listed, the REIT’s managing team, led by Luis López de Herrera-Oria, invests the full amount of the funds provided by the shareholders.
With these operations, the company starts its trajectory with an office rental portfolio which represents a combined GLA of 26.724 sqm and more than 460 parking spaces in the most well established locations in the capital.
Right in the business district in the centre of Madrid, Árima formalised the acquisition of two office real estate assets for 31 million euro, located at María de Molina street in Madrid, the corner with Príncipe de Vergara street, and at the junction between Paseo de la Habana and Avenida de Alfonso XIII, respectively. In this last location, the company already has an advanced project for its full rehabilitation–Árima Paseo de La Habana– to convert the building, with a 4.8 million euro investment, in a Class A LEED certified building. The construction works are predicted to start in 2020, since it is a combined purchase and rental operation
Árima has also signed a commitment to purchase of two office buildings for a total of 63 million euro which it plans to conclude in January 2019. The office buildings are located in the most well established areas in Madrid’s North-East, and have a combined GLA of 20.200 sqm and 395 parking spaces. The company predicts to invest a further 11.9 million euro in repositioning projects.
According to Luis Alfonso López de Herrera-Oria, CEO of Árima, «with the purchase of these assets, Árima restates its business plan presented when it was first listed at the Stock Market and the good investment opportunities the Spanish real estate market presents».
Árima had in these operations the support of EY Abogados as legal advisors, PwC for technical due diligence, and CBRE as global advisors.
