New Spanish REIT Árima has invested all funds contributed by shareholders two months after its IPO, completing on two initial office deals in Madrid for €31 mln and inking the acquitions of two further office assets for €62.75 mln.
The office-focused Socimi said that it had fulfilled its December investment pledge to acquire two prime office properties in Madrid for €31 mln, located in Madrid’s business district on calle María de Molina.
The fund also announced a binding purchase agreement for two further prime office properties, completed in January 2019, for a total of €62.75 mln.
The two latest office acquisitions have a combined gross leasable area of 20,200 m2 and 395 parking spaces. The first is located on calle Josefa Valcarcel 42, within the M30-A2 submarket, near the new headquarters of Santander España and calle Arturo Soria, and leased to reputable Spanish media groups. Architecture firm Álvarez-Sala has been contracted to undertake a comprehensive refurbishment of the building.
The other property is located in the Cristalia Business Park, in the Campo de las Naciones business district, and is LEED Gold certified. The building is partially leased to a leading global insurance group, with the company in advanced negotiations to complete its occupancy.
Árima also announced the signing of a €30 mln bridge loan with CaixaBank, which will allow it to continue expanding its real estate portfolio.
'We are still able to identify good opportunities that — thanks to the agility and real estate experience of our team — we can execute quickly and enhance value as we have demonstrated in the past,' said Árima CEO, Luis Alfonso López de Herrera-Oria.
The REIT has been listed since 23 October 2018.
Árima was advised by EY Abogados (legal counsel), PwC (technical due diligence), with CBRE as global advisor.