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Árima investing €110.7M in Madrid office assets

Árima Real Estate SOCIMI SA said it has signed off-market acquisitions and investment commitments totaling €110.7 million since its Madrid listing Oct. 23, 2018.

The four office assets, totaling 26,724 square meters of gross leasable area and upward of 460 underground parking spaces, were acquired in three transactions.

The company signed a deal to buy two office properties in Madrid's downtown business district for €31 million and plans to reposition one of the buildings for €4.8 million, with work slated to commence in 2020. The properties total 6,524 square meters of gross leasable area and contain 68 below-ground parking spaces.

Árima also signed a binding agreement to buy two office buildings for €63 million in northeast Madrid that have a combined gross leasable area of 20,200 square meters and 395 parking spaces. The deal is expected to conclude in January. The company plans to spend €11.9 million to reposition the assets.