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Corporate Finance

Since 1990 Mirabaud has offered a wide range of services for public and private companies. Its services include equity research, capital markets, corporate advisory as well as institutional brokerage.


Case study

Árima : IPO

Mirabaud advised Spanish real estate investment company Árima on its IPO on the Mercado Continuo. Mirabaud acted as Joint Global Coordinator in the transaction, facilitating the entrance of a relevant portion of new investors.

About 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

Transaction overview

  • 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 contribution and added value

  • 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.

In spite of the challenging environment and capital markets uncertainty, we managed to successfully place the IPO for a new quoted REIT in Spain. Moreover, our specialised equity sales platform reached the perfect investors for this transaction; institutional specialised RE funds with high market recognition that, as well as covering a relevant part of the book, also attracted smaller funds that improved the share liquidity.

Enrique Aguado
Head of Corporate Finance & Capital Markets

Key data

Public Listing (23rd October 2018)

IssuerÁrima Real Estate Socimi, S.A.
SectorReal Estate (SOCIMI)
Transaction typeInitial Public Offering (IPO)
Mkt. Cap.€100 m (10m shares; €10 face value)
Mirabaud RoleJoint Global Coordinator and Joint Bookrunner

Demand Overview

Case Study

Case Leader

Corporate finance

Enrique AGUADO

Head of Corporate Finance & Capital Markets

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