Árima

• Árima is a Spanish real estate investment company (SOCIMI) listed in the Mercado Continuo.
• Created by the former Axiare management team (total shareholder return of c.97% in three and a half years, from its listing on the Spanish Stock Exchanges in July 2014, until its takeover in January 2018), its strategy consists of identifying assets with high revaluation potential to invest in their repositioning and commercialisation through a value added strategy.
• The business has an internally managed investment vehicle (team exclusively dedicated to Árima) with the aim of generating annual total shareholder returns of 12% to 15%.

Visit Árima official website

• Target: Successfully cover Árima’s IPO, an investment vehicle with no assets (“blind pool”) for the acquisition of real estate properties.
• Transaction executed despite uncertainty in the macro environment suffered by the capital markets in October 2018 which led to the cancellation of several other IPOs.
  • Since the start of bookbuilding (ITF (Intention To Float) on October 9th) to the closing of the books (October 19th): IBEX 35 ▼3,3%; S&P ▼4,0%, with the main Spanish SOCIMI trading at a strong discount to NAV (Colonial: ▼2.1% and; Merlin: ▼20.2%).
• In addition to Mirabaud, Árima was advised by: Citigroup, Morgan Stanley and JB Capital Markets (together with Mirabaud the “Joint Global Coordinators”) and by BBVA, Kempen and ING as “Co-Leads”.

• Mirabaud ensured that the deal was oriented to both former Axiare investors and to new investors with interest in Spanish Real Estate.
• Mirabaud helped Árima to achieve a diversified investor base (no investor with more than 10% of the equity), attracting interest from top-tier institutional investors (more than 200 meetings in 15 cities).
  • Deal mainly oriented to real estate specialists and “long-only” investors achieving a solid shareholding structure that will accompany Árima in the long-term.
  • Mirabaud attracted investors with strong market visibility.

Public Listing (23^rd October 2018)