Árima Real Estate has completed the sale of the JV38 office building in Madrid for €17.7 million, representing a 15.4% premium over its acquisition price, according to a filing with Spain's National Securities Market Commission (CNMV).
The transaction was formalised on 30 July through the execution of the public deed of sale. The asset, located at 38 Josefa Valcárcel Street in Madrid, had been classified by the listed office REIT as a non-strategic property within its portfolio.
The 11,558 sqm building includes 167 parking spaces, ten of which are equipped with electric vehicle charging points, and occupies a location alongside the A-2 motorway, one of Madrid's main access routes.
Árima acquired the property in June 2025 for €15.3 million through the exercise of a purchase option. Following the acquisition, the company assessed several repositioning alternatives aimed at maximising the asset's value.
According to the company, the disposal comes amid increased investor interest in the area following the Madrid City Council's initial approval of a Special Plan that would allow the development of various forms of temporary accommodation, including flex living schemes and serviced apartments.
“The transaction forms part of Árima's growth strategy, which remains focused on high-quality office assets in strategic locations”, the company said in a statement signed by José María Rodríguez-Ponga, Executive Chairman.
