annual report

Mr. Luis María Arredondo


Dear Shareholders:

After our first full year, would like to convey our deepest gratitude for the trust placed in Árima.

It has been a very intense year, a year in which we have succeeded in making excellent real estate investments that form a solid and balanced portfolio with attractive returns and considerable value potential.

It has also been a year in which we have returned to the capital markets, carrying out two capital increases allowing us to triple the size of the Company since we were first listed on the stock exchange and, in turn, incorporating the prestigious, international shareholder of reference, Ivanhoé Cambridge.

We are privileged and proud to have you as shareholders. I encourage you to join us on this journey, in the knowledge that our primary focus is to create value for you.

Luis Alfonso López de Herrera-Oria

Chief Executive Officer

Dear Shareholders:

First of all, please allow me to echo the words of our Chairman, whom I would like to thank, —along with our other Directors— for his constant support and cooperation during this extremely intense and rewarding period.

As you know, at the end of 2018, we floated the company on the basis of a rigorous business plan and the proven experience of a management team that I know well, having worked with them previously.

A corporate responsibility commitment that is based on close collaboration with our shareholders, partners and tenants, so that we can make our company a unique asset, founded on the experience of the past and with its sights set on the future.

Since its listing on the Madrid Stock Exchange as a SOCIMI, and to yearend 2019, the company has completed real estate transactions investing in properties valued at EUR 222 million thereby creating a portfolio of 7 assets with a Gross Lettable Area (GLA) of 75,000 sqm. The portfolio comprises 91% office buildings and 9% logistics.

Árima Real Estate —with its role in the real estate market— contributes to build relationships between professionals and the dissemination of its values among market players, emphasizing transparency and good practices. With more than 80% of the management team accredited by RICS, Árima demonstrates its firm commitment to excellence, transparency and professional integrity towards the market and its collaborators, incorporating the international regulatory of the RICS and corporate best practices into its management model.

Árima Real Estate is based in Madrid.

With more than 80% of the management team accredited by RICS, Árima demonstrates its firm commitment to excellence, transparency and professional integrity



+15.8% on acq. Price

+9.5% Lfl

gross yield

4.0% on cost


86% Occupancy

ifrs profit


epra naav

10.6€ p.s.

+9.8% since IPO


33% LTV

1.5% Avg. All-in Cost of debt

7 years average maturity

annualised GRI 1


avg. payment period to suppliers

19 days

permanent contracts

100% of Headcount

sustainability certifications

23% of the portfolio gross lettable area

80% target end 2021

(1) Annualised Passing GRI at acquisition.
january 2019

Árima signs bridge financing of 30 million euros with Caixabank

january 2019

In January, Árima acquires two office buildings with a GLA of 20,200 sqm and 395 parking spaces for EUR 62,8 million, after signing a binding acquisition commitment on 27 December 2018. Both buildings are located in Madrid: one in the M30-A2 submarket; while the other is in the Cristalia Business Park, within the Campo de las Naciones submarket.

february 2019

The portfolio valuation was carried out by CBRE Valuation Advisory and Savills Aguirre Newman Valoraciones y Tasaciones, in accordance with the RICS (Royal Institution of Chartered Surveyors). It was based on net market value at 31 January 2019.

march 2019

Árima’s Shareholders Meeting held on 21 March approved all proposed resolutions.

april 2019

Árima closes its first capital increase for EUR 40 million. Árima completes a fully subscribed capital increase. A total of 4 million new ordinary shares with a nominal value of EUR 10 were issued. The capital increase has been mostly covered by international and national, qualified, institutional investors, including certain members of the Company’s management team.

april 2019

Árima Real Estate acquires a logistics warehouse in Madrid, for 16.4 million euros. The asset, with a GLA of 25,694 sqm, is located in San Agustín de Guadalix, in Madrid’s second logistics ring. The property is 100% leased to one of Spain’s largest supermarket chains.

may 2019

Árima signed two bilateral financing agreements, one with BBVA, for an amount of EUR 22,7 million, with a 7- year term and an LTV of 57%; the other with Caixabank, for 41.1 million euros, also with a 7-year term and an LTV of 56%. At the same time, the EUR 30 million bridge loan with Caixabank was cancelled.

june 2019

Árima acquires an office building in Madrid, in the established office submarket of Avenida de América-Torrelaguna. The property comprises 6,759 sqm GLA and 110 parking spaces and is 100% leased to Sonae Spain.

july 2019

The portfolio valuation was carried out by CBRE Valuation Advisory, in accordance with RICS (Royal Institution of Chartered Surveyors). It is based on net market value at 30 June 2019.

july 2019

The EUR 19.5 million financing agreement with Banco Santander to finance the Rámirez de Arellano building has a 7-year term and a 60% LTV ratio.

november 2019

The Company successfully closes its second capital increase of the year by raising EUR 150 million, and welcomes Ivanhoé Cambridge as the reference shareholder, whose participation in the increase is EUR 60 million. The high demand of other institutional investors and qualified professionals led Árima to increase the transaction from EUR 100 million to EUR 150 million. The new shares were issued at a bid price of EUR 10.4, 4% higher than the previous issue and in line with the NAV and the quoted price at the time of the transaction.

december 2019

The property is located in Vía de los Poblados 7, next to the Cristalia Business Park, has 14,500 sqm GLA and 202 parking spaces. The Company is working on a refurbishment project with architects Estudio Lamela. The building will be LEED certified.

january 2020

The agreement of EUR 9.4 million with a 5- year term and a 57% LTV ratio to finance the Guadalix logistics building.


january Árima signs a bridge loan

january Árima closes the acquisition of two office buildings in Madrid

february Árima’s portfolio is valued at EUR 102 million at 31 January 2019

march Árima’s Shareholders Meeting

april Capital increase

april Árima invests 16.4 million euros in its first logistics asset in Madrid

may Árima signed two long-term financing agreements with BBVA and Caixabank for EUR 63,8 million

june Árima acquires the headquarters of Sonae Spain

july Árima’s portfolio is valued at EUR 175.3 million at 30 June 2019

july Árima signs a financing agreement with Banco Santander for EUR 19.5 million

november Árima closes its second capital increase of 150 million euros

december Árima invests EUR 37.75 million in an office building in Madrid

january Árima Real Estate signs a financing agreement for EUR 9.4 million

Árima’s shares have outperformed IBEX 35 (11,8%) over the twelve-month period of 2019

Árima Real Estate went public on 23 October 2018, with a nominal value per share of EUR 10. During 2019 two capital increases have been made: on 8 April 4 million shares were issued, with a nominal value per share of EUR 10 increasing capital in EUR 40 million; on 15 November the Company issued 14.423.076 new shares with EUR 10 of nominal value and 0,40 of capital premium, resulting in a capital of EUR 150 million.

After this last event, the average daily volume has doubled, showing the increasing interest of investors in Árima’s shares.
The Company`s share Price (ARM: MCE) closed on 31 December 2019 with a par value of EUR 11.3, an increase of +25,6 during the last 12 months and +13% since the IPO.
With this increase, Árima’s shares have outperformed IBEX 35 (11,8%) over the twelve-month period of 2019.

Árima is a constituent of the IBEX Small Cap since 24 June 2019, and also exceed this index during 2019 (11,9%).

Árima’s shares have outperformed IBEX 35 (11,8%) over the twelve-month period of 2019

Árima is a SOCIMI committed to creating value for our tenants and investors. We are capable of locating the opportunities offered by the Spanish real estate market, unlocking their potential to create medium and long term value.. Our extensive experience in the sector positions us as a reference for our clients and shareholders. Our goal is to create a high quality portfolio capable of generating a high return for our shareholders.

Our activity and services are basedd on corporate values of quality, trust and social commitment, assuming the following guidelines:

- Responsible and sustainable activity
- Economic efficiency
- Innovation

Investment experience

More than 30 years Real Estate investment experience

Focussed on offices

Nearly 90% of the investment dedicated to the office sector, the remaining investment in logistics and other Real Estate assets classes

Focussed on Madrid

Most investment activity focused on Madrid, except for specific opportunities in other consolidated markets

Focussed on value creation

Our investments are characterized by a commitment to quality and value creation

Árima Real Estate was founded in 2018 with the aim of creating a unique, state of the art portfolio based on decades of real estate experience. The company’s strategy revolves around its extensive sector knowledge and the cohesion of a team that has previously worked together to great success.

In Árima we are committed to society, with our goal of transforming our assets into sustainable spaces and adding value to the environment in which they are located. We believe in the importance of making a difference in our community with special emphasis on our investors, tenants, suppliers and the areas where we operate.
We believe in the positive impact that an attractive, sustainable and innovative building can generate. We help companies retain talent, with an integrated architecture and the best services and technology to make them feel as comfortable as possible.

In its short existence, Árima Real Estate has proven its value creation credentials, as well as its commitment to sustainability and the know-how of the management team.

In Árima we are committed to society, with our goal of transforming our assets into sustainable spaces and adding value to the environment in which they are located

Luis López de Herrera-OriaFounding Partner & CEO

Chony Martín

Fabio Alén
Real Estate

Real Estate

Real Estate
Director &
Deputy CEO

Stuart W.
Real Estate

Chief Strategy
and Corporate &
Development Officer

In-house Activities

Acquisitions, Budget Control, Disposals, Property Business Plan, Refurbishment / Development, Sourcing, Tenant Relationships

Outsourced Activities

Brokerage Services, Legal Advice, PR and Marketing, Property Administration, Technical / Architecture

This team is comprised of specialist professionals with extensive and established track-records in the real estate sector, who have an in-depth knowledge of the market, allowing them to quickly identify business opportunities

The current capital structure of Árima consists of debt and equity. Equity comprises issued share capital, capital premiums, reserves and retained earnings. Debt covers long-term loan agreements and bridge loan facilities. The interest rate risk is hedged through interest rate and forward swaps.


Árima’s shareholing is characterizsed by its high percentage of longterm investors, as well as Real Estate specialists. Its capital it’s mainly international, quite diversified in Europe

The main corporate purpose of SOCIMIs is the acquisition and development of urban properties to let; and holding shares in other SOCIMIs or in other companies that meet the same requirements in terms of investment and the distribution of profits.

SOCIMIs must distribute their profits once their commercial obligations have been met. This dividend distribution should proceed from the following:

Profits from dividends received

Profits from the disposal of properties or shares

Other profits obtained

our portfolio

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Árima is a SOCIMI committed to creating value for our tenants and investors.

The Company’s strategy is to invest mainly in prime office buildings, in the most established areas of Madrid and Barcelona, which have experienced the greatest activity in terms of income and investment during the last cycles.

We invest strategically in assets priced below their market value, and even at times, their replacement cost, demonstrating the ability to create excellent investment opportunities considering in terms of historical pricing.

Our active portfolio management aims to improve the quality, efficiency, income and sustainability of the assets, with a special interest in improving the experience of our tenants thus maintaining constant cash flows.


Number of assets


2019 Acquisitions

76,000 sqm

Total GLA


Gross asset value


Office % in total GLA 27% of those in CBD


Logistics % in total GLA




María de Molina 39


Ramírez de Arellano 21









  • CBD
  • City Centre (inside M30)
  • A2/M30
  • Campo de las Naciones
  • Las Tablas
  • Arroyo de la Vega
  • offices
  • cbd



Grade A free-standing office building located in Madrid’s prime CBD. Upon completion the building will provide 4,300 sqm GLA, distributed over 4 storeys with a roof terrace, with floor plates of ca. 1,000 sqm plus 65 underground car parking spaces. The property benefits from excellent visibility, with great potential for corporate signage. The building will undergo a full refurbishment during 2020 and 2021, including facade, entrance hall, and common areas. The refurbishment project has been designed by Fenwick Iribarren Architects. The building will gain in efficiency, providing fully open and functional floor plates. The entrance to the building will be at street level from the front, giving greater importance to the square and enhancing visibility. Certification LEED GOLD will be sought and is expected to be delivered in the third quarter of 2021.


Located in the northern part of Madrid’s CBD. The property benefits from a wide selection of local services all within walking distance, including restaurants, schools, stores and hospitals. Excellent transport connections: Cuzco and Pío XII metro stations are located at walking distance from the building, with rapid connection to Madrid Barajas Airport, and easy access to the M30 ring road is provided via Alberto Alcocer.

Key facts

Acquisition date December 2018
Strategy Full Refurbishment
Net Asset Price €18.5M
Market Value (Dec’19) €24.2M
Market Value 5,701 €/sqm
  • offices
  • cbd

María de Molina 39


Prime office building at the heart of Madrid’s CBD, built in 1968 and owned by four different companies. It is free-standing building that offers tenants flexible floor plates with excellent natural light, due to its rectangular shape, of c. 1,200 sqm, which is rare in this location. The asset has great visibility, thanks to its significant facade to María de Molina. It is currently undergoing floor-by-floor refurbishment which is almost completed.


Located on Calle María de Molina, one of the main arteries of Madrid, it has privileged accessibility and communications. It is also a highly demanded area by coworking firms. The area benefits from a wide range of transportation options and a large number of high-level services.

Key facts

Acquisition date Dec. 2018 / Feb. 2019
Strategy Single ownership
Net Asset Price €23.6M
Market Value (Dec’19) €30.0M
Market Value 7,278 €/sqm
  • offices
  • m30-a2 bd

Ramírez de Arellano 21


Prime office building designed by Rafael de la Hoz and completed in 2008. It is currently fully occupied by the Sonae Group. Its 6,759 sqm above ground are distributed over 6 floors of offices and entrance lobby, offices and access, plus 110 underground car spaces. Built on a 4,000 sqm plot, this free-standing building occupies approximately 1,000 sqm and benefits from a large garden patio for its tenants to enjoy. The quality of the materials and design gives the building a modern appearance. The asset has a double height entrance lobby and glass, curtain wall facade. 1,000 sqm floor plates are column-free with raised floor and suspended ceilings and it’s in excellent condition. The HVAC system is VRV. The building has a BREEAM certification “very good”.


Located close to the junction of the A2 motorway with the M30 orbital highway. Building located next to AXA and BNP Paribas’s Spanish HQs. The A2 corridor stands out for its close proximity to the CBD (7’ drive), the M30 and Barajas airport (7’ drive). Arturo Soria and Avenida de la Paz metro stations and Arturo Soria Plaza shopping centre are all within short walking distance.

Key facts

Acquisition date June 2019
Strategy Re-leasing
Net Asset Price €32.5M
Market Value (Dec’19) €33.5M
Market Value 4,956 €/sqm
  • offices
  • m30-a2 bd



Prime office building, highly visible from the A2 in Madrid, which will be completely renovated between 2020 and 2021. This nine storey building comprises approximately 9,391 sqm GLA and 193 car spaces. Column-free floor plates range from 450 sqm to 1,700 sqm and enjoy excellent natural light and floor to ceiling height. In addition, the building will have access to large garden areas, to dining and fitness areas. The refurbishment project has been designed by Alvarez-Sala Studio, led by the prestigious architect D. Enrique Alvarez-Sala, giving it the best qualities, maximum flexibility and the highest possible level of sustainable certification LEED®.


Located in Madrid’s very established M30-A2 (Madrid-Barcelona motorway) office area. The A2 corridor stands out for its strategic location and close proximity to the CBD (7’ drive), the M30 orbital motorway and Barajas airport (7’ drive). The property benefits from good public transport links and local amenities in the vicinity, including a recently built shopping centre across the street. Other tenants in the surrounding area include Banco Santander, L’Oreal and Vodafone.

Key facts

Acquisition date January 2019
Strategy Full Refurbishment
Net Asset Price €23.5M
Market Value (Dec’19) €29.0M
Market Value 3,088 €/sqm
  • offices
  • campo de las naciones madrid bd



Office building, built in 2011, being part of the Cristalia Business Park. The complex brings together almost 100,000 sqm of offices, as well as a modern hotel, and has a nursery, restaurants, paddle tennis court and security service. It is a free-standing, highly efficient grade A office property with LEED Gold certification, located in an established office area of Campo de las Naciones. Prominent position on the M11 motorway with excellent visibility and potential corporate signage. The six storey building provides 10,928 sqm of modern office accommodation with column-free floor plates of over 1,800 sqm. The building has basement car parking with 202 spaces.


Located in the Campo de las Naciones area — considered to be Madrid’s most established and attractive office market outside the CBD. It is strategically located between the airport and the CBD. San Lorenzo Metro station is a short walk away. The complex benefits from very good car access from the following major motorways: M40, M11, A1, A2 and R2. It has excellent visibility for corporate signage.

Key facts

Acquisition date January 2019
Strategy Lease-up and re-leasing
Net Asset Price €39.25M
Market Value (Dec’19) €41.5M
Market Value 3,798 €/sqm
  • offices
  • campo de las naciones madrid bd



Originally designed as a data processing centre, this office building has very interesting qualities to create a Class A building, such as large floorplates, good floor to ceiling heights, around 2.70 meters, with recently installed technical floor and false ceiling recently installed. The property comprises five storeys above grade providing approximately 14,500 sqm plus two basement floors accommodating 196 cars spaces. It has been acquired mid-refurbishment, with the intention of enhancing the project to enhance its marketability by creating an atrium in the centre of the floorplate; increasing its GLA and upgrading common areas and landscaping. Certification LEED® and WELL will be sought.


Located in the Campo de las Naciones area — considered to be Madrid’s most established and attractive office market outside the CBD. It is strategically located between the airport and the CBD. San Lorenzo Metro station is a short walk away. The complex benefits from very good vehicular access to the following major motorways: M40, M11, A1, A2 and R2. It has excellent visibility for corporate signage.

Key facts

Acquisition date December 2019
Strategy Full Refurbishment
Net Asset Price €37.7M
Market Value (Dec’19) €41.0M
Market Value 2,828 €/sqm
  • logistics
  • madrid 2nd ring



Cold storage logistics warehouse developed by Gazeley in 2008 as a turnkey project for the current tenant, Eroski, which uses it as a strategic distribution hub for fresh produce. The asset is located on a site of 35,000 sqm, of which it occupies around 61%. It has direct access to the A1 motorway, which connects Madrid with the north. The warehouse area comprises about 24,474 sqm (including a basement with a 3,035 sqm cold chamber); and an office area of 1,220 sqm. It has several cold chambers with different temperatures depending on what is stored. They range from positive cold areas for fresh product; areas for meat and fish preparation and negative cold chambers (up to -23ºC) for frozen products. The property has 29 loading bays and a free height of 9.5 m. In 2018 a new rental contract was signed with a mandatory deadline until 2025.


The warehouse is located at km 32 of the A-1 highway which leads north to the Basque Country and France. It positions the property some 30 minutes from the centre of Madrid. It is 11 km from the junction of the A-1 with the M-50 highway facilitating connections with other national highways. It shares this location with companies such as Schaeffler, Deco Pharma, Omega, Iberdrola and Mitsubishi.

Key facts

Acquisition date April 2019
Strategy Re-equipment
Net Asset Price €16.4M
Market Value (Dec’19) €22.5M
Market Value 876 €/sqm
The portfolio valuation was carried out by the real estate consultancy CBRE, in accordance with the Royal Institution of Chartered Surveyors (RICS) Red Book valuation standards based on net market value as at 31 Dec, 2019.
Offices Logistics Total
Assets 6 1 7
GLA (sqm) 49,934 25,694 75,628
Parking spaces (units) 763 763
Net Acquisition price (€m) 175.1 16.4 191.5
Acquisition price/sqm (€) 3,506 638 na
Market Value (€m) 199.2 22.5 221.7
Value change 14% 37% 16%
LTV 48% 0% 43%
Gross Initial Yield 2,6% 9,3% 3,2%
Net Initial Yield 2.3% 8.8% 2.8%

2019 financial year

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As this Annual Report goes to press, the significance of the COVID 19 outbreak is becoming increasingly clear in European countries. The lockdown restrictions adopted by governments and consequent decline in economic activity is having and will have a significant impact on economies. However, governments and central banks have reacted aggressively with measures to mitigate the immediate economic impact and longer term consequences.

Madrid rents evolution

Barcelona rents evolution

2019 KPIS




Annual Rental Income 1


Gross LTV

10.6 p.s.



Gross Yield


Net reported profit of €15.4m

€160 million invested in the acquisition of 6 properties

3 bilateral financing loans signed in the amount of €83 million

2 capital increases, multiplying X3 the company’s share capital since IPO

(1) Annualised Passing GRI at acquisition.

Árima’s Management team and Board of Directors has set several targets which will remain in place for the next financial years:


Raise the rental income generated by the properties in the portfolio via active management, maximizing operational efficiency and yields, in order to raise revenue and fully execute the asset repositioning plan.


Reach the financial leverage target by maximizing flexibility and financing conditions and minimizing costs. The company’s goal or leverage (LTV) is approximately 50% thus improving the company’s investment capacity.


Maximize shareholder returns, by gradually increasing the dividend; based on rental increases, until the dividend payment is normalized.


Have 80% of the portfolio certified with LEED or BREEAM in 2021.


€22 million of estimated capex considering current portfolio.


6.7% estimated yield on cost total invested after refurbishments.

Árimas’s financial results reflect the strong performance in 2019. Despite being a transitional year, with the start of the redevelopment projects and a high level of investment still, we have seen a very positive performance throughout our portfolio. We expect to continue delivering such positive results in the near-term.

Financial statements audited by PwC. PwC has issued a clean audit opinion (with no qualifications).





2019 Acquisitions



Company’s share capital X3 since IPO


LTV 22%


Annualised GRI1


Avg. All-in Cost of debt

(1) Annualised Passing GRI at acquisition.


Capital Increase


2019 Acquisitions

In order to provide greater transparency and comparability, Árima Real Estate is a full member of EPRA and has adopted EPRA’s Best Practice Recommendations (BPR). The table below show EPRA’s key performance measures:

EUR m. unless specified
Definition 2019
EPRA Adjusted Earnings Adjusted earnings from operational activities. (590)
EPRA Earnings Earnings from operational activities. (6.200)
EPRA Net Asset Value (EPRA NAV) Group NAV adjusted to include properties and other investment interests at fair value and to exclude certain items not expected to crystallise in a long-term investment property business model. 300,513
EPRA Triple Net Asset Value (EPRA NNNAV) EPRA NAV adjusted to include the fair values of financial instruments, debt and deferred taxes. 299,778
EPRA Net Initial Yield (NIY) Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value1 of the property, increased with (estimated) purchasers’ costs. 3.3%
EPRA “Topped-up” NIY Incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods or other unexpired lease incentives. 3.4%
EPRA Vacancy Rate Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio. 30%

corporate governance

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General Shareholders’ Meeting

This is Árimas’s highest-ranking decision-making body and is formed from the Company’s owners and shareholders.

It has the power to appoint directors and approve remuneration policies and the distribution of dividends, among other duties.

General Shareholders’ Meetings may be held in Ordinary or Extraordinary session. The Ordinary Meeting will be held within the first six months of each financial year, and all other meetings will be classed as Extraordinary.

Board of Directors

Árima Real Estate is supervised by the Board of Directors, primarily comprised of independent directors with a proven track-record in the real estate, finance and legal sectors.

Its members are elected by the General Shareholders’ Meeting.

The Board of Directors has the power to adopt resolutions on all kinds of issues so long as they are not reserved for the General Shareholders’ Meeting. It has executive powers to manage, administer and represent the Company.

Among other duties, it establishes a business plan, setting out the Company’s strategy for the management of the properties it maintains or acquires and in all cases overseeing compliance with the requirements necessary for the company to maintain its status as a SOCIMI. Within the framework of this Company’s strategy Business Plan, the Board stablishes the main economic, environmental and social goals, and holds responsible for this fulfillment to the Management of the Company.

Committees of the Board of Directors

El Consejo de Administración cuenta con dos comisiones con carácter permanente e interno: un Comité de Auditoría y Control y una Comisión de Nombramientos y Retribuciones.

Their main role is to support the Board of Directors in the supervisory and monitoring tasks required for the Company’s day-to-day operation, and to this end they are afforded powers to inform and advise.
Their members are appointed by the Board of Directors, to which they report in the performance of their duties.

Audit and Monitoring Committee

The Auditing and Monitoring Committee’s main role will be to support the Board of Directors in their management tasks, via the regular review of the process of collating economic-financial information, on its internal monitoring practices and the independence of the external Auditor.

Appointments and Remuneration Committee

The main duty of the Appointments and Remunerations Committee is to provide support and assistance to the Board of Directors on the proposed appointment, re-election, approval and dismissal of board members, the setting up and overseeing of payment policy for board members and directors of the Company, the monitoring of directors’ compliance with their duties, and overseeing compliance with the Internal Code of Conduct and Corporate Governance regulations.

Composition of the Board of Directors

The Board of Directors is currently composed of six directors, 5 of whom have been appoitted as external directors to ensure the protection of the interests of the company’s floating capital (including the Chairman), one represents a significant part of the capital and, finally, the Vice-president as executive.

The profiles and professional experience of the members of the Board of Directors encompass all the skills and abilities required for the effective performance of the duties with which they have been entrusted:

Ethics and transparency as generators of trust

The Board of Directors of Árima Real Estate is fully committed to implementing and improving good corporate governance within the organisation. Adopting best practices and recommendations and permanently monitoring their effective application are priority responsibilities for our Board and its Committees.

We firmly believe that progress in the field of good corporate governance is a key objective for strengthening the ties between the company and its shareholders, through dialogue and permanent commitment for the benefit of all.

The efficient management of the governance bodies is based on external and internal standards which help to generate trust between investors and the Company

Árima bases its management on responsible and efficient behaviour, focused on the socioeconomic impact on the people and the territory where it operates.

We find it particularly important that our Corporate Social Responsibility policy is be based on the following principles:

  • The creation of responsible relationships with our stakeholders, based on integrity and fairness, and
  • building up a responsible green portfolio, with the aim of creating healthy spaces for healthy people.

interest groups





From Árima we have wanted to support various organizations in their fight against the ravages that the Covid-19 is leaving in its wake. With this gesture, we aim to highlight our appreciation for the important work they do and our commitment, at such a complicated time, to people and our environment.

Proper risk management is essential for the achievement of Árima Real Estate’s goals. The system created takes into consideration both the specific characteristics of the Company and those of the environment concerned in which it carries out its activities at the economic, geographical and regulatory levels.

Rate Risk