Árima acquires Sonae Spain's Madrid headquarters

Madrid-listed Socimi Árima has acquired Sonae Spain's headquarters in the Spanish capital.

Financial details were not disclosed.

The asset in the Avenida de América-Torrelaguna office area in Madrid city centre comprises a gross lettable area of 6,759 m2 and features 110 parking spaces. It is certified BREEAM 'Very good'.

According to Árima, this area of Madrid has been one of the most active for corporate lettings in recent years, and the property is fully let. It has been purchased at an 'attractive price, already generating a good return and offering the potential for long-term value uplift', the REIT added.

The deal takes Árima's total investment ' since listing on the stock exchange eight months ago – up to €173 mln, including CapEx commitments.

Its portfolio currently comprises a total gross lettable area of over 61,000 m2 and over 570 underground parking spaces. In line with Árima's investment strategy, 89.3% of the portfolio relates to office properties, and the remaining 10.7% to the logistics sector, all of which are located in Madrid.

Árima was advised by EY on legal matters, and by Savills Aguirre Newman on the technical side.

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