Spanish REIT Árima completes its first logistics acquisition

Árima Real Estate SOCIMI, S.A. (BME: ARM) has paid €16.4million for a 26,000m² logistic warehouse in San Agustín de Guadalix, Madrid’s second logistic crown. The property is fully let to one of Spain’s largest food distribution groups, Eroski.

The SOCIMI made its debut on Madrid’s alternative stock exchange last October 2018 and by April of this year it had invested the €100M of capital raised in IPO. This acquisition has been made possible thanks to a recent €50 million capital increase which the fund carried out on the 8th of April. Currently, logistics represents 12.7% of Árima’s portfolio, and the remaining 87.3% are offices located in Madrid.

The main shareholders of the Spanish REIT are Bank of Montreal, with a 10.4% stake; Pelham Capital Hedge Fund, with 9.984%; UBS (9.164%), the CEO of Árima, Luis Alfonso Lopez Herrera-Oria, (7.791%) and Morgan Stanley (5.122%).

The listed property fund currently trades at €10 per share and has a market capitalisation of 140 million as at the 7th of May and obtained €1.1 million profit for the period comprised between the 13th of June 2018 and the 31st of December 2018.

Catella has advised Árima in the acquisition along with legal advisors EY Abogados, and Savills who acted as technical advisors.

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