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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 : ABO

Mirabaud advised Árima, a Spanish real estate investment company, on its accelerated book building offering. Mirabaud acted as bookrunner for the transaction, just six months after Árima’s IPO (October 2018) in the Spanish Stock Exchange.

About Árima

  • Árima is a Spanish real estate investment company (SOCIMI) listed in the Mercado Continuo since October 2018.
  • The company’s 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: After deploying the funds raised in the October 2018 IPO (€100m), Árima required additional funds to execute its advance stage pipeline of opportunities.
  • The transaction consisted of a €40 million (+40% of the pre-money Equity) capital increase without rights, where the shares were issued at €10/share, a figure in line with the share price as of the deal date and similar to December 2018 NAV.
  • Confidence in the Management Team expertise and ability to generate value was valued by both current shareholders – who already invested in the IPO – and by new institutional shareholders, allowing Árima to consolidate a diversified investor base.

Contribution and added value

  • Deal successfully closed and oriented to both existing Árima shareholders and new investors with strong interest in Spanish Real Estate, contributing to: i) expand Árima’s shareholder base and; ii) increase liquidity.
  • Mirabaud’s access to top institutional real estate investors, through our specialised real estate sales team based in London, was crucial to rise +40% of the pre-ABO equity just six months after the IPO (October 2018).
    • Mirabaud was ranked 2nd in terms of orders placed on the book among the 6 banks advising in the deal.
    • Mirabaud brought the 2nd largest order of the Transaction (1st shareholder of the Company after the ABO).
  • Demonstrated capacity to identify investors. Final book order vs. meeting “hit ratio” of 50%; the highest among the banks involved in the Transaction.

Key data


Árima Real Estate Socimi, S.A.


Real Estate (SOCIMI)

Transaction type

Accelerated Book-building Offering (ABO)

Capital increase without rights

Offer size

€40m (4m shares; €10 face value) (40% pre-money / 28.6% post-money)

Mirabaud role


Demand overview

Case Study

Case Leader

Corporate finance

Enrique AGUADO

Head of Corporate Finance & Capital Markets

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