The capital increase was approved during the shareholders’ general meeting which took place on the 5th of November, and according to the release made available by the Comisión Nacional del Mercado de Valores, this capital increase allowed «Árima to treble its size».
Now, the REIT can continue following its investment strategy which consists in acquiring assets with added value and in repositioning the assets from its portfolio so as to «maximize their quality, occupation and value». According to the release issued this Thursday, the REIT has several projects under advanced stages of analysis which may soon join its portfolio.
With this operation, D. Stanislas Henry, Director of Strategic Alliances for Europe at Ivanhoé Cambridge, was nominated member of Árima’s administration board.
Karim Habra, Director General for Europe and Asia-Pacific at Ivanhoé Cambridge, remarked: «We are very happy with our investment in Árima and in supporting its future growth. The managing team has a solid history within the market and has created a promising project portfolio. Besides, the Madrid office market is expected to keep growing in terms of rentals and we believe that Árima is the right investment vehicle to take advantage of this cycle».
Luis López de Herrera-Oria, Árima’s managing director, highlighted: «We are delighted to have Ivanhoé Cambridge on board. The commitment of all shareholders and in particular of Ivanhoé Cambridge, shows the confidence in the work carried out by Árima’s management, their trust in our investments and their commitment to the current strategy. We will follow our business plan so as to generate value for all our shareholders».
Bank of Montreal (10.4%), fund Pelham (9.9%) and UBS (9.8%) are the other shareholders of Árima.