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%

Transaction objective

  • 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

Mirabaud 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

Spain

Enrique Aguado

Head of Corporate Finance & Capital Markets


MIRABAUD SECURITIES LIMITED, SUCURSAL EN ESPAÑA
Paseo de la Castellana 21
2ª Planta
28046 Madrid
T +34 91 793 78 20

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Key data

Issuer

Árima Real Estate Socimi, S.A.

Sector

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

Bookrunner

 

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