Árima closes the sale of an office building in Madrid for €30.4M

Árima closes the sale of an office building in Madrid for €30.4M

Árima Real Estate Socimi has completed the sale of the office building located at number 39 Calle María de Molina in Madrid for 30.4 million euros, the company informed the Spanish Securities and Exchange Commission (CNMV) this Tuesday.

The company signed an agreement in the first half of 2023 to sell this property, located in the exclusive neighbourhood of El Viso, in the Chamartín district.

It is a Class A asset of more than 4,000 square metres of gross leasable area, which was 100% leased when Árima Real Estate communicated the sale agreement at the beginning of last August.

Last June, the company headed by Luis López Herrera-Oria explained that it was initiating a process of asset rotation with the sale of this office property in the centre of Madrid. Árima acquired this asset four years ago and claims to have quadrupled its value and increased its rental income ninefold.

The socimi closed the first half of the year with a negative result of 14.8 million euros, compared to a profit of 22.5 million euros in 2022. Specifically, the company went from recording a revaluation of its assets of 23.7 million euros in the first half of 2022 to registering an impairment of 12.6 million euros in the first six months of the year.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!