Árima Real Estate SOCIMI, S.A. (BME: ARM) has paid €37.75 million for a 14,000m² office building in Madrid’s «Campo de las Naciones» area in the Barajas district.
The property, located in the Cristalia business park, has been the fund’s first acquisition of 2020 and follows a €150M capital increase completed in November which was mainly subscribed by Ivanhoé Cambridge, as reference shareholder, with 20.3 % of Árima’s share capital.
Since IPO, the SOCIMI (Spanish REIT) has deployed €216 million including capex in a portfolio which includes 75,000m² of class A office space. Currently, logistic assets represents 9% of the fund’s underlying with the rest being offices – all located in Madrid.
The building has five open floors each with a GLA of 2,800m² and a height from floor to interior ceiling of 2.9 metres as well as 213 underground parking spaces.
Árima plans to hire Estudio Lamela, the architecture studio founded by Antonio Lamela Martínez, to reposition the building as a Class A office space and obtain LEED certification. The works are expected to finalise during Q1 of 2021.
Árima has been advised by EY, Colliers and Savills.
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