Árima confirms that the Swiss group J. Safra Sarasin (JSS), intends to make a takeover bid for all outstanding shares of Árima Real Estate Socimi.
According to a pre-announcement, JSS Real Estate Socimi is an investment vehicle indirectly managed by a subsidiary of the J. Safra Sarasin Group. As an international group committed to sustainability, the J. Safra Sarasin Group has an established presence in more than 30 locations in Europe, Asia, the Middle East, Latin America and the Caribbean through its banks. A global symbol of tradition in private banking and wealth management, the group stands out for its professional management, prioritising security and conservative growth for its clients. At the end of December 2023, it managed total client assets of CHF 204.3 billion and employed around 2,500 employees, with a share capital of CHF 5.8 billion.
The offer is addressed to all Árima shareholders, i.e. 28,429,376 shares, and consists of a cash consideration of €8.61 per share, representing a premium of 38.9% over yesterday's closing share price and 37.9% over the weighted average share price (VWAP) of the last 3 months, meaning that the total amount offered by Safra to acquire the socimi exceeds 244 million euros.
Given that Árima has undertaken not to accept the offer in respect of 2,446,435 treasury shares, representing 8.6% of the share capital, and to propose to the shareholders' meeting their redemption prior to the settlement of the offer, Safra's takeover bid would target all the remaining shares in circulation (25,982,941 shares), representing 91.4% of the current share capital. Thus, the total amount to be paid by Safra will be 223.7 million euros after the cancellation of the treasury shares.
Árima Real Estate has a portfolio of 10 buildings, nine office buildings and a logistics warehouse, all located in Madrid. The platform represents a unique opportunity for JSS Real Estate Socimi to consolidate its presence in Madrid with high quality assets and tenants.
The transaction is beeing advised by GBS Finance and Ernst & Young Abogados, S.L.P. on behalf of Árima, and Uría Menéndez and Savills on behalf of JSS Real Estate Socimi.
