Listed Spanish REIT Árima Real has acquired an office building in Madrid.
The trust paid €37.7 mln for the asset, in what is its first buy since its share capital tripled in size upon Ivanhoé Cambridge joining as a shareholder with a 23% stake, late last year.
The building is located in the Campo de las Naciones area of the city, next to Cristalia Business Park and in close proximity to the airport. It comprises 14,000 m2 with 213 basement car spaces.
Árima is to carry out a refurbishment project to convert the property into a Class A office building with LEED certification. The project in partnership with Estudio Lamela is expected to complete early next year.
The trust is aiming to build up a €500 mln portfolio as quickly as possible this year, after increasing its balance sheet by €150 mln, including €60 mln from Canadian investor Ivanhoé.
The REIT has invested more than €216 mln, with 91% of its portfolio in office and the rest in logistics, all in Madrid. In total, the GLA comprises more than 75,000 m2, with over 780 underground parking spaces.
Árima was advised on the deal by EY Abogados, Colliers and Savills Aguirre Newman.