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Spain's Arima Real Estate files for up to €300M IPO

Árima Real Estate SOCIMI SA filed for an initial public offering of up to 30.0 million new ordinary shares at €10.00 apiece, for expected gross proceeds of €300.0 million.

The minimum size of the offering will be 27.5 million new shares, to raise at least 275.0 million in gross proceeds.

The Spanish real estate investment company will apply to list the shares on the Madrid, Barcelona, Bilbao and Valencia bourses, and expects the shares to be listed on the Spanish stock exchanges on or about Oct. 19 under the ticker symbol ARM.

The company aims to invest primarily in commercial property, largely in office assets in the Madrid city center and, to a lesser extent, in Barcelona and other major logistics hubs in Spain.

Assuming a maximum offering is conducted, the company expects net proceeds of approximately €288 million. It plans to use the net proceeds for future real estate investments and structural expenses, with the proceeds to be fully deployed within about 15 months to 18 months following the admission of the stock.

Citigroup Global Markets Ltd. is the senior global coordinator and joint book runner for the offering.

JB Capital Markets SV SAU, Mirabaud Securities Ltd., Sucursal en España and Morgan Stanley & Co. International PLC are the joint global coordinators and joint book runners.

Banco Bilbao Vizcaya Argentaria SA, ING Bank NV and Kempen & Co. NV serve as co-lead managers.