Mr. Luis María Arredondo


Dear Shareholders:

Once again, I have the pleasure of addressing you as we publish our Annual Report.

I would first like to emphasise our profound gratitude for your continued support throughout 2020. We greatly appreciate the trust you have placed in us to navigate the complexities of these extraordinary times.

This has been a year for reflection, for a new appreciation of the value of collaboration when working towards sustainable growth, which, in creating value for you, our shareholders, leads to long-term socioeconomic development.

We have striven to adapt to unprecedented market conditions, maintaining a flexible attitude as events unfold in a fast-changing environment.

Luis Alfonso López de Herrera-Oria

Chief Executive Officer

Dear Shareholders:

Allow me to begin by thanking our Chairman and, of course, the other members of the board, for their invaluable support and hard work in recent months. Most especially, I’d like to thank you, our shareholders, for your unwavering confidence in our mission.

This has not been an easy year. The uncertainty generated by the pandemic has kept the market in a state of hibernation. However, thanks to our sound strategy and our defensive portfolio, focused on high-quality properties at competitive prices, we have succeeded in maintaining a sound and stable financial position.

COVID-19 has not affected our existing portfolio, thanks to our lack of exposure to the most vulnerable sectors and to the safety measures rolled out across all of our properties, which allowed us to collect 100% of rents owed at the beginning of the year. Refurbishment projects remain on schedule, with only very minor delays due to the lockdown, and we are on track to deliver our new-build projects as planned at the end of 2021 and 2022.

at a glance

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Árima is a company founded on steadfast values which has been able to adapt to market trends thanks to its flexibility, as well as its ability to always work within the framework of its clear strategy of value creation for both its tenants and shareholders.

Management is based on responsibility and efficiency, focusing on the sustainable socioeconomic development of the environment in which we operate. We are committed to the creation of value for society as a whole, as well as for our stakeholders.

Our business activity is based on our strong corporate values of quality, trust, and social commitment, and the following guidelines:

  • Responsible and sustainable activity
  • Economic efficiency
  • Innovation


Innovation and sustainability


Focused in Madrid, office space and value creation

Growing portfolio

EUR 276 M

Gross Asset Value (Dec’20)


GAV value growth YoY (+5% LfL)


office buildings acquired for a total committed investment of EUR 65 M1

94,000 sqm

GLA distributed in 9 assets

Strong balance sheet

EUR 130 M

in cash to face investments immediately


Net LTV (net cash)

EUR 13.1 M

net profit and EPS of EUR 0.47

Best in Class financing conditions


of Árima’s financing composed of green loans

36 M€

in two financing operations signed in 2020


all-in debt² cost


weighted average maturity

Sustainability certifications


of repositioning projects expected to be WELL certified


of portfolio expected to be LEED/BREEAM certified by 2023


of the portfolio achieved (LEED GOLD and BREEAM Very Good)


EUR 10.9

per share


growth over the year


growth since IPO (Oct. 2018)

Major progress in ESG


GRESB evaluation 2 years after IPO


First year EPRA sustainability

EPRA BPR “Most Improved”

and Silver Awards obtained in recognition of the outstanding improvements over the past year


RICS-accredited commercial real estate company in Spain

Unaltered by COVID-19


rent collection

EUR 5.1 M

Gross rental income (+8.4% YoY)


significant delays in ongoing reform projects (48% of portfolio)

(1) Including expected CAPEX. (2) Weighted average; all-in cost include spread, up-front costs and hedge.
january 2020

Árima Real Estate signs a financing agreement for EUR 9.4 million The agreement of EUR 9.4 million with has a 5 - year term and a 57% LTV ratio to finance the Guadalix logistics building.

february 2020

Árima’s portfolio is valued at EUR 221 million as of December 31, 2019 The portfolio valuation was carried out by CBRE Valuation Advisory, in accordance with the RICS (Royal Institution of Chartered Surveyors) valuation standards based on net market value as of December 31, 2019.

april 2020

Árima signs a financing agreement with Santander for EUR 27 million The financing agreement with Banco Santander, amounting to EUR 27 million, has a 7 – year term and a LTV ratio of approximately 56% to finance the Cadenza property.

may 2020

Árima General Shareholders’ Meeting The General Shareholders’ Meeting of Árima, held on 28 May 2020, approved all proposed resolutions.

july 2020

Árima’s portfolio is valued at EUR 253 million as of June 30, 2020 The portfolio valuation was carried out by CBRE Valuation Advisory, in accordance with the RICS (Royal Institution of Chartered Surveyors) valuation standards based on net market value as of June 30, 2020Árima invests 38.9 million euros in an office building in Madrid by signing a turn-key contract The property is located at Calle Manoteras, 28 and will provide 12,000 sqm of GLA1 distributed over 7 floors (1) Gross Lettable Area

september 2020

Árima obtains 100% green loans The Company transforms its entire financial debt into green loans, aligned to a sustainable transversal strategy approach.

october 2020

Árima acquires an office building in Madrid The property is located in Madrid city center and has 6,535 sqm of GLA1. Full refurbishment expected to start in 2022 aiming to result in a Class A building, maximizing the use and the buildable area.(1) Gross Lettable Area

november 2020

Árima’s first GRESB evaluation The prestigious institution assesses the Company’s performance on environmental, social and governance aspects just two years after IPO. Árima is following a clear action plan to achieve a high score in 2021.

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

february Árima’s portfolio is valued at EUR 221 million as of December 31, 2019

april Árima signs a financing agreement with Santander for EUR 27 million

may Árima General Shareholders’ Meeting

july Árima’s portfolio is valued at EUR 253 million as of June 30, 2020

Árima invests 38.9 million euros in an office building in Madrid by signing a turn-key contract

september Árima obtains 100% green loans

october Árima acquires an office building in Madrid

november Árima’s first GRESB evaluation

The consequences of the COVID-19 pandemic have been devastating for the Spanish economy and financial markets. In March 2020, when the State of Emergency was declared, the IBEX 35 plummeted 22% and closed the month at 6,785 points.

Árima’s share price was also impacted by the uncertainty caused by COVID-19 and was negatively affected in March.

However, between April and the end of the year it revalued by 5%, closing at EUR 8.3 (ARM:MCE).

During Q1 2021, Árima’s share price gradually increased to just over EUR 9, 14% increase since April 2020.

(1) Data re-based for graphical representation
Base at 01.01.2020 = Árima´s share price

our company

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Árima was founded in 2018 with the aim of creating a unique portfolio with strong value uplift potential for the future, based on decades of proven real estate experience. Our Company’s strategy is built upon in depth knowledge of the sector and the combined excellence of a team that has worked together on many successful projects in the past.

  • Location

  • Experience

  • Commitment

  • Agility

  • Quality

  • Sustainability

  • Active management

Árima’s management team comprises specialised professionals with an extensive and recognized track-record in the real estate sector, and an in-depth knowledge of the market, allowing them to quickly identify business opportunities.

Luis López de Herrera-Oria


Chony Martín Vicente-Mazariegos


Carmen Boyero-Klossner

Chief Strategy and Corporate Development Officer

Guillermo Fernández-Cuesta

Real Estate Director and Deputy CEO

Fernando Arenas

Real Estate Director

Stuart W. McDonald

Real Estate Director

Fabio Alén Viani

Real Estate Director

Pablo de Castro

Real Estate Director


Árima’s current capital structure is a mix of debt and equity. Equity comprises issued share capital, capital premiums, reserves and retained earnings. Debt includes bilateral long-term agreements, all of which are green rated in line with our sustainability commitment.

Debt maturity profile

our portfolio

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Árima is a SOCIMI committed to creating value for our main stakeholders –tenants and investors– and for society and the locations we operate in. We are able to identify and close on opportunities in the Spanish real estate market and make our properties grow in value in the medium and long term. The innovative approach of our Management Team, all of whom have extensive experience in the real estate sector, makes us a market leader for both our clients and shareholders.

At YE 2020, Árima has a portfolio of nine properties located in Madrid, of which eight are offices and one is a logistics warehouse. The Company’s objective is to increase the value and size of that portfolio in the coming years.



EUR 65 M

in acquisitions in 2020

94,000 sqm

of total GLA

EUR 276 M

of gross asset value


of total GLA in offices


of total GLA in logistics





María de Molina

Inner Madrid (M30)




Ramírez de Arellano 21

Campo de las Naciones








Las Tablas/Manoteras


Manoteras, 28

Madrid (2nd Ring)



  • CBD
  • Inner Madrid (M30)
  • A2/M30
  • Campo de las Naciones
  • Las Tablas/Manoteras
  • Madrid (2nd Ring)
  • offices
  • cbd


Acquisition date December 2018
Strategy Full refurbishment
GLA 4,236 sqm
Parking spaces 42 (17 electric chargers)


Class A free-standing building located in the prime area of Madrid. The property benefits from excellent visibility and has strong potential as a flagship corporate office. The full refurbishment of the property is scheduled to be completed by the end of 2021. The improvement works will involve the renovation of the façade, entrance, common areas and all the building’s facilities. The architectural firm Fenwick Iribarren is overseeing the project, and it is expected that the building will obtain LEED Gold, WELL Gold and WELL Health & Safety certifications. Once the refurbishment works are completed, the asset will have a lettable area of 4,236 sqm arranged over 4 above ground floors and a top floor. The building will become more efficient, healthy and comfortable for its occupiers and will benefit from fully open-plan and functional floorplates of circa 1,000 sqm (with the potential to divide each one into two modules). The entrance to the building is at street level and located in a square, which makes the property more visible. The works are being carried out with high quality materials, in order to ensure a low environmental impact. It will be the first office building in Madrid to have a Krion® ventilated façade, a material that makes the property both sustainable and hygienic and works as a bactericide and air purifier. The offices will have a floor to ceiling height of more than 2.60 m, state-of-the-art lifts and VCR air conditioning systems with photocatalytic filters. More than 90% of the workstations will also have access to natural light. Like the rest of Árima’s office buildings, it will have optimised access control systems thanks to Árima’s Digital Platform® and biometric scanners. As part of its effort to promote biodiversity, Árima plans to incorporate more than 820 sqm of landscaped areas, as well as a 560 sqm terrace on the upper floor to improve tenant well-being. The property features 42 indoor parking spaces, of which 17 will be for electric vehicles (40% of the total), in order to promote sustainable mobility.


The property is located in the northern area of Madrid, a few minutes’ walk from Paseo de la Castellana (CBD). Tenants can benefit from local amenities thanks to the wide range of services on offer within walking distance, including restaurants, schools, shops, and hospitals. This favours the consumption of local products and contributes to the social development of the area. The property, located in a sought after area, benefits from unbeatable public transport connections: the Cuzco and Pío XII metro stations are just a few minutes’ walk away and offer quick connection to the airport. There are also several bus stops and two BiciMAD stations very close to the building. The property also benefits from very good connections to some of Madrid’s main roads: the Paseo de la Castellana provides quick access to the M11 and the A1, and the M30 can be reached in less than 5 minutes via Calle Alberto Alcocer.

  • offices
  • cbd

María de Molina

Acquisition date Dec 2018 / Feb 2019
Strategy Single Onwership
GLA 4,120 sqm
Parking spaces 20


Prime office building located in one of the best areas of Madrid’s CBD, built in 1968 and owned by four different companies. It is a free-standing and highly visible building, thanks to its striking façade overlooking Calle María de Molina. The building is arranged over a ground floor, 10 upper floors for office use, an underground car park, and a multi-purpose semibasement. Árima owns the 5th, 9th and 10th floors of the building, which were acquired vacant, as well as half of the 6th floor. Together they amount to a total lettable area of 4,120 sqm. Árima also owns 20 underground parking spaces, as well as four street level parking spaces. The vacant floors have been fully renovated, allowing us to offer 1,150 sqm columnfree floors, flooded with natural light, top quality finishes and state-of-the-art facilities, all of which are hard to come by in this submarket. Árima has opted for sustainability and the use of new technologies in the refurbishment project and has worked to create optimal spaces with highly efficient facilities. 90% of the workstations benefit from natural light and temperature, humidity and lighting can be individually controlled for each half floor. The offices have an optimised ventilation system, a photocatalysis system to eliminate polluting particles and devices to continuously monitor indoor air quality.


The building is located on Calle María de Molina, one of Madrid’s main thoroughfares in the heart of the CBD, and highly sought after by companies seeking to retain talent by offering their workers a privileged location and a wide array of services. The area enjoys a wide range of public transportation, making the use of private vehicles unnecessary. The Avenida de América metro station, where four lines converge, and the Gregorio Marañón metro station are just a few minutes’ walk away. There are also various bus lines and several BiciMAD stations in close proximity to the property. Located a few metres from Paseo de la Castellana and very close to the M30 and the A2, it is one of the best-connected areas of the city. Barajas Airport and Atocha train station are less than 15 minutes away by car. Being in the heart of the CBD, tenants benefit from a wide range of high-end services and contribute to local commerce in the area, generating employment and wealth in the area.

  • offices
  • Inner Madrid (M30)


Acquisition date October 2020
Strategy Full refurbishment
GLA 6,535 sqm
Parking spaces 70 (20 electric chargers)


Office building located in the centre of Madrid, in an area home to a large number of technology company headquarters and undergoing significant regeneration due to the development of new high-end residential developments. Árima intends to carry out a full renovation of the building (delivery scheduled for 2023) that will help to obtain LEED Platinum and WELL Gold certifications. The asset has a buildable floor area of 6,535 sqm and will feature spacious floorplates of over 1,000 sqm. The refurbishment works to turn the asset into a Class A building will commence in 2022 and will maximise the potential and buildable floor area. The project is currently in the analysis phase; therefore, it is not possible to detail the specific future specifications. However, Árima is working to ensure that the work is carried out with a sustainable approach, considering the welfare of the environment and its users, and will be committed to adding green and landscaped areas. Following the refurbishment, the building will benefit from more than 70 underground parking spaces and Árima plans to include 20 charging points for electric cars.


The building is located in the centre of Madrid, in a booming submarket that houses several technology companies. The building benefits from very good public transport connections, thanks to its proximity to several metro stations and bus stops. For those who prefer to reduce their use of private vehicles and favour public transport, there is a BiciMAD station close to the property. The property enjoys excellent connections to some of Madrid’s main roads thanks to its proximity to the M30 ring road. Tenants can contribute to local commerce thanks to the wide range of services available nearby (restaurants, sports complexes, schools, shops and hospitals). This encourages the consumption of local products and helps to develop and increase investment in the area.

  • offices
  • Inner Madrid (M30)

Ramírez de Arellano 21

Acquisition date June 2019
Strategy Re-gearing
GLA 6,759 sqm
Parking spaces 110


Prime, fully-let office building designed by architect Rafael de la Hoz and completed in 2008. The building has a BREEAM Very Good certification indicating that it meets certain criteria related to the property’s management, health, wellness, energy, transport and materials. This free-standing building has a footprint of approximately 1,000 sqm, set on a 4,000 sqm plot. Its 6,759 sqm above ground are arranged over seven floors of office space and a ground floor. It is a modern building, with high quality spaces and materials, LED lighting, a floor to ceiling height of 2.8 metres and 85% of the workstations in the property benefit from natural light. Its open-plan, column-free floors comprise approximately 1,000 sqm. The building also benefits from a double-height entrance lobby and is in an excellent state of repair. It has a curtain wall façade, VRV air conditioning systems with centralised temperature and flow control, and a solar thermal installation for sanitary water that covers 70% of the property’s requirements. To improve tenant well-being and champion natural environments, the asset has a large, landscaped courtyard. The property also benefits from 110 underground parking spaces.


The building is located near the junction between the A2 highway and the M30, close to, among others, the headquarters of AXA and BNP Paribas Spain. It stands out for its proximity to the CBD, with direct access via Avenida de América, to the M30 ring road and to Barajas airport (7 minutes by car) via the A2. We would particularly highlight the excellent public transport links, including its proximity to the Arturo Soria and Avenida de la Paz and Barrio de la Concepción metro stations and the multiple bus stops and bus lines in the surrounding area. The Arturo Soria shopping centre is just a few minutes’ walk away offering a wide variety of services to tenants, and an extensive range of dining options.

  • offices
  • Madrid - CDN


Acquisition date January 2019
Strategy Lease up & re-leasing
GLA 10,928 sqm
Parking spaces 202


Free-standing office building completed in 2011 that forms part of the Cristalia Business Park. The business park comprises 10 office buildings arranged around a large and well-kept landscaped area, with a total lettable area of more than 88,000 sqm. The complex has a hotel, day care centre, gym, several restaurants, paddle tennis courts and security service. The building has a triangular floor plan and comprises two basement car parks, a ground floor and six above ground floors for office use, totaling 10,928 sqm of class A lettable space. The ground floor has a spectacular atrium, which the offices on the upper floors are set around and via which they are accessed. All floors have a lettable area of approximately 1,824 sqm, which can be divided into three modules of just over 600 sqm each. The office floors are fully open-plan, column-free with a floor to ceiling height of 2.70 metres and an abundance of natural light, thanks to the fully glazed façade. The building features 202 parking spaces and is LEED Gold certified for sustainability. The property already has a modern ventilation and photocatalysis system for removing harmful particles and indoor air quality monitoring sensors and will soon have a set of electric car chargers.


The asset is located in the Campo de las Naciones area, considered to be one of the most consolidated and attractive office areas outside the CBD. It is strategically located halfway between the airport and the financial centre of Madrid. Its privileged location between the M11 and M40 ring roads means it is highly visible. The building is located very close to the San Lorenzo metro station and can be reached via several bus lines. The complex is also easily accessible by private vehicle from nearby main roads: M40, M11, A1, A2 and R2. The property benefits from the wide variety of services available in the Cristalia Business Park and is very close to the headquarters of well-known companies such as Iberdrola, Coca-Cola and Endesa.

  • offices
  • Madrid - CDN


Acquisition date December 2019
Strategy Full refurbishment
GLA 14,500 sqm
Parking spaces 196 (30 electric chargers)


Originally designed as a data processing centre, the office building has excellent potential to be converted into a Class A office building. A full renovation is underway and will be completed in 2022. Árima is working on a sustainable approach to the asset’s transformation process that will allow the building to benefit from LEED Gold, WELL Gold and WELL Health & Safety certifications. Of particular note will be its spacious approximately 2,850 sqm floorplates, with floor to ceiling heights of circa 2.70 m. The property will be arranged over 7 floors: two below ground and five above ground (amounting to a total lettable area of approximately 14,500 sqm). The property was acquired after the refurbishment had begun, but the project has been expanded to increase its commercial potential by improving the interior space (through the creation of an atrium in the central area of the ground floor) and improving the common and landscaped areas. In order to increase tenant well-being, the quality of the interior spaces will be considerably improved –especially in terms of natural light– implementing measures to save energy and reduce CO₂ emissions and utilities consumption, and by reworking the landscaping of the outdoor areas. The building features 196 parking spaces, 30 of which are expected to be equipped with electric car charging points upon completion of the project.


The property is located in the Campo de las Naciones area, considered to be one of the most consolidated and attractive office areas outside the CBD, strategically located halfway between the airport and the financial heart of Madrid. The building is highly visible and would be ideal as a corporate headquarters. The complex is easily accessible from nearby main roads: M40, M11, A1, A2 and R2 and it benefits from good public transport links, and is just an eight-minute walk from the San Lorenzo metro station. The property can also be reached by bus from Hortaleza. The property also has a wide variety of services in the surrounding area such as restaurants and hotels and is located close to ING’s new 35,000 sqm headquarters.

  • offices
  • Madrid A2/M30


Acquisition date January 2019
Strategy Full refurbishment
GLA 9,391 sqm
Parking spaces 193 (36 electric chargers)


Prime office building, highly visible from the A2 highway in Madrid, currently being renovated by the architectural firm Álvarez-Sala. The works will be completed in December of this year and the building will obtain LEED Platinum, WELL Gold and WELL Health & Safety certifications. The property comprises 9,391 sqm arranged over 9 above ground floors, which stand out for their ample floor to ceiling heights, column-free floors and natural light at more than 90% of the workstations. The renovation of the building will also include a new restaurant area, a fitness area and a 2,500 sqm garden. The building will also accommodate more than 1,200 sqm of terraces distributed over several floors. Árima is working to make the asset 33% more efficient than a conventional building, thanks to a photovoltaic filtration system on the roof that will serve as a source of renewable energy. It is also expected to install VCR air conditioning systems with photo catalytic filters and a fast access control system with biometric scanner (reducing waiting times by 90% thanks to a Digital Platform developed by Árima®). The building will also have anti-glare LED lights, state-of-the-art lifts and a curtain wall façade with acoustic insulation and solar protection. Árima aims to create a sustainable and healthy environment for its tenants. Therefore, the project will incorporate low environmental impact materials and landscaped spaces will be created to promote greater well-being. The asset will be surrounded by a 2,500 sqm botanical garden designed by Isabel Pallarés, a renowned landscape.


The asset is located in the consolidated office area of Madrid’s M30-A2 (Madrid-Barcelona highway). Madrid’s A2 highway is only a 7-minute drive from the CBD and Barajas airport and is very close to the M30 ring road. In order to reduce the use of private vehicles, the building is located close to different forms of public transport: it is a 15-minute walk from several metro stations and has several bus stops located close to the entrance that cover the route between Avenida de América and Barajas airport. In addition, Árima plans to incorporate an electric micro mobility system in the building. The area benefits from different services such as schools, restaurants and hotels, as well as a shopping centre across the street. Tenants in the area include Santander, L’Oreal and Vodafone.

  • offices
  • Las Tablas/Manoteras

Manoteras, 28

Acquisition date June 2020
Strategy Full refurbishment
GLA 11,961 sqm
Parking spaces 280


This property was acquired by Árima as a turnkey project. The future building has been designed by the renowned Spanish architect Carlos Rubio, who envisioned a free-standing building comprising two belowground car parking levels with 280 parking spaces, a ground floor and six upper floors for office use, totalling almost 12,000 sqm of above ground space. The standard floorplate will be 2,036 sqm, with an abundance of natural light, column-free and a floor to ceiling height of 2.80 metres. The floors will be divisible into 4 modules, which makes it highly flexible and attractive for most potential occupiers. The property will be built under the urban classification of Business Services, which accommodates technological activities and most office activities. The works are expected to be completed by the end of 2022, obtaining LEED Platinum and WELL Gold certifications. Árima will incorporate sustainable materials in the project and implement designs that maximise the level of natural light inside the building, improve energy consumption and encourage the use of more sustainable transportation, including the provision of 30 chargers for electric vehicles. Bearing in mind that open spaces and the possibility of accessing outdoor areas promote tenant satisfaction and productivity, Árima has taken the necessary steps to ensure that the property has strong value-add common areas. To this end, a large, landscaped terrace will be installed on the top floor (next to a 900 sqm office module) for the use and enjoyment of the tenants, in addition to including a large wooded area on the ground floor.


The building is located in the consolidated area of Manoteras, adjacent to the Castellana Norte extension of Madrid’s CBD. It benefits from excellent public transport links, as is just 5 minutes away from the Fuente de la Mora suburban train station and the Virgen del Cortijo light railway station, and very close to several bus stops. It also has good access for private vehicles from the A1, M40 and M30 ring road. The property is only 10 minutes by car from Barajas airport, 5 minutes from Paseo de la Castellana and 6 minutes from Chamartín Station. The area has a wide range of services such as shopping centres, restaurants, schools and hospitals.

  • logistics
  • Madrid (2nd Ring)


Acquisition date April 2019
Strategy Value-add
GLA 25,694 sqm
Loading bays 29


Logistics warehouse developed on a turnkey basis by Gazeley in 2008 for the current tenant, Eroski. It is currently used as a fresh produce strategic distribution centre. The property comprises 25,694 sqm, set on a 35,000 sqm plot of land. It has direct access to the A-1 highway that connects Madrid with the north of Spain. The interior of the property features 24,474 sqm of warehouse space (including a basement with 3,035 sqm of cold storage); as well as 1,220 sqm of office space. The warehouse is divided into several cold storage chambers with different temperatures depending on the product stored. These vary from positive cold areas for fresh products; areas for the preparation of meat and fish; and negative cold chambers (down to -23ºC) for frozen products. The warehouse has 29 loading docks and a floor to ceiling height of 9.50 m. Árima will implement a series of measures to reduce the high level of electricity consumption at the warehouse. These include the installation of photovoltaic panels, better roofing and dock insulation and LED lighting. Following their installation and depending on subsequent performance, Árima will analyse the possibility of obtaining an energy efficiency certification.


The warehouse is located at km 32 of the A1 highway, which runs between Madrid and the Basque Country and France. It is situated 30 minutes from the centre of Madrid and 11 km from the A1 and M50 ring road junction, providing excellent connections to the national road network. Other companies in the surrounding area include Schaeffler, Deco Pharma, Omega, Iberdrola and Mitsubishi.

The key indicators for our portfolio for 20201


portfolio % to be certified (BREEAM/LEED)


portfolio % with facilities for the production of renewable energy


portfolio % with green energy from renewable sources in communal areas


portfolio % fully accessible

(1) The KPIs related to intensity have been calculated according to the scope included in this report. More information on the scope can be found in section 9 of this Report.

The valuation of our portfolio 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 the net market value at 31 December 2020 and 2019.

Asset type
Offices Logistics Total
Properties 8 1 9
GLA (sqm) 68,430 25,694 94,124
Parking spaces 1,043 1,043
Net acquisition price (EUR million) 202.6 16.4 219.0
Acquisition price (EUR/sqm) 2,961 638 n.a.
Market value (EUR million) 252.5 23.2 275.7
Change in valuation 25% 41% 26%
Leverage 38% 41% 38%

2020 Full year

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As in all major economies, Spain’s economic activity contracted significantly in 2020 due to the effects of the COVID-19 pandemic. Restrictions on mobility in one of the strictest lockdowns imposed affected above all the hospitality and tourist sectors which are vital contributors to the Spanish economy. Quick state intervention with furlough schemes and help for businesses was unable to prevent GDP contracting some 11% during the year. Unemployment has reached 16%, its highest level for five years. However, there were also signs by year end that some regions including Madrid were growing more rapidly than the national average (4.4% in Q4 2020). In terms of recovery, the first steps entail control of the pandemic and the vaccine roll out. Spain is also in line to receive EUR 140 Bn of EU funds in transfers and credits to help with its recovery.

Madrid Take Up

Barcelona Take Up

2020 Key indicators

EUR 276 M

Gross Asset Value (Dec’20)

EUR 6.5 M

Annual Rental Income 1


Gross LTV

10.9 EUR/share



Gross Yield²

EUR 5.1 M

Gross rental income


Reported profit of EUR 13.1 million

EUR 65 million investment in 2 property acquisitions

2 bilateral financing loans signed in the amount of EUR 36 million

100% of the portfolio financed by green loans

EUR 15.5 million value uplift

Weight average maturity of 7 years

(1) Passing GRI at acquisition (2) Topped-up annualized GRI divided by GAV

Árima’s management team and Board of Directors regularly review the Company’s objectives and have defined the following roadmap for the upcoming financial years:


Continue engaging in the active management of our portfolio, increasing income and improving efficiency and profitability by repositioning our properties.


Achieve a level of financial leverage that maximises flexibility with optimal financing terms and conditions and minimising costs.


Continue to make progress on sustainability issues, in line with our strategy, both at the portfolio level and in the corporate sphere.


Estimated capex investment of EUR 70 million in our current portfolio.


Obtain a 6.0-6.5% return on cost of the existing portfolio, once stabilised.


Maximise shareholder return, based on standardised income growth, gradually increasing our dividends.

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:

2020 Key indicators

Definition EUR Thousand
(unless specified)
EPRA Adjusted Earnings Adjusted earnings from operational activities. (2,016)
EPRA Earnings Earnings from operational activities. (2,378)
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. 303,339
EPRA NNNAV EPRA NAV adjusted to include the fair values of financial instruments, debt and deferred taxes. 301,853
EPRA Net Reinstatement Value (EPRA NRV) Assumes that entities never sell assets and aims to represent the value required to rebuild the entity 303,339
EPRA Net Tangible Assets (EPRA NTA) Assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax 303,270
EPRA Net Disposal Value (EPRA NDV) Represents the shareholders’ value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax. 301,853
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. 3.6%
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. 3.6%
EPRA Vacancy Rate Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio. 27%

corporate governance

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Achievements in 2020

  • Analysis and update of Árima’s Risk Management Systems.
  • Progress in ESG matters: creation of the Committee and Risk Management Map.
  • Evaluation of data processing and publication of the Data Protection Policy and the Employee Security Manual.
  • Internal cybersecurity assessment.

KPIs in 2020

  • 57% independent directors.
  • 11 Board meetings.
  • 91% attendance at Board meetings.
  • 0 complaints received through the channel provided.

This is the Company’s most senior decision-making body.

The Ordinary General Shareholders’ Meeting of 2020 took place on 28 May and all shareholders received sufficient advance notice of all the relevant information on the agenda.

The Board of Directors has two permanent internal committees, whose members are elected by the Board.

Audit and Control Committee

The main role of this committee is to support the Board of Directors in its supervisory duties, by regularly reviewing the process of preparing economic and financial information, its internal controls and the independence of the external auditor. In 2020, the Audit and Control Committee met four times.

Appointments and Remuneration Committee

The main function of this committee is to support the Board of Directors in relation to (i) proposals for the appointment, re-election, ratification and removal of directors, (ii) the establishment and control of the Remuneration Policy for the Company’s directors and executives, (iii) overseeing the fulfilment of directors’ duties, and (iv) the supervision of compliance with the Internal Codes of Conduct and the rules of Corporate Governance. In 2020, the Appointments and Remuneration Committee met five times.

Ethics and transparency

Árima is firmly committed to promoting the values of ethics and transparency in its operations, as well as encouraging good governance as a key objective to strengthen the links between the Company and its shareholders.


Árima conducts its business activity under the principles of compliance with the law and ethical and professional integrity. In this regard, we have implemented various procedures and controls in order to avoid and prevent any form of corruption, including bribery, fraud and money laundering.


Security Tools

Continuity Plan

Team Training

Security Dossier

Data protection

Data protection Team

Identification of key areas

Risk analysis

Corporate social responsibility

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Árima bases its management strategy on responsible action and financial efficiency, creating long-term value for all our stakeholders.

We aim to transform all of our assets into quality properties that can benefit our tenants, while respecting their surrounding areas.

Our commitment to sustainability and our stakeholders is the cornerstone of our strategy.

Company Objectives

  • 1 Incorporate sustainability (green) clauses into 85% of lease agreements signed by Árima with its tenants by 2023.
  • 2 Conduct an ESG assessment of 50% of the Company’s Tier 1 suppliers by 2023.
  • 3 Maintain an average employee satisfaction score above 80%.
  • 4 Continue offering training to 75% of the workforce.
  • 5 Offer spaces for social actions in 25% of Árima’s buildings by 2023.
  • 6 Obtain a high score on the GRESB 2021 assessment.

Portfolio objectives

  • 1 80% of the current portfolio with LEED/BREEAM certification by 2023.
  • 2 75% of current portfolio with electric vehicle charging points by 2023.
  • 3 100% of repositioning projects to obtain at least WELL GOLD certification by 2023.
  • 4 Achieve Energy Rating A for all new buildings in 2023.
  • 5 100% of the current portfolio to have Renewable Guarantee of Origin electricity supply for communal areas by 2023.
  • 6 80% of buildings to have a green report and implement recommended measures by 2023.
  • 7 95% of energy and water consumption data coverage by 2023.

Economic aspects

  • A Economic performance
  • B Competence
  • C Regulatory compliance
  • D Indirect economic impacts
  • E Value creation
  • F Risk and opportunity management

Environmental aspects

  • G Biodiversity
  • H Supplier evaluation
  • I Sustainable refurbishments
  • J Responsible water management
  • K Energy efficiency
  • L Environmental protection
  • M Waste management

Social aspects

  • N Local community
  • O Tenant satisfaction
  • P Talent attraction and retention
  • Q Job creation
  • R Health and safety
  • S Employee training and professional development


Achievements in 2020

  • Communication during the COVID-19 pandemic: more than 200 virtual meetings with investors from 12 different countries.
  • Consensus among analysts: 100% BUY recommendation for our shares.
  • Árima’s share price outperformed Spanish SOCIMIs on the Spanish Stock Exchange throughout the year.
  • EPRA BPR “Most Improved” Award, reaching Silver level.
  • 100% sustainable financing.


Achievements in 2020

  • Implementation of the Employee Engagement Programme.
  • Employee satisfaction survey: 100% of our employees were ranked as “promoters”.1
  • 100% of the management team has received training on sustainability issues.
  • 20% increase in workforce during the year.
  • 100% of workspaces adapted to COVID-19 measures in record time.
  • 0% turnover rate during the year.
  • 77% of employees linked to the Company since its IPO.
  • 100% of the team benefits from continued performance and professional development assessments.
  • The whole team took part in the search for good causes to help during the state of emergency and the pandemic.
(1) Employees who would recommend working at Árima


Achievements in 2020

  • Development of the Supplier Certification Programme, under ESG criteria.


Achievements in 2020

  • Conducting the annual tenant satisfaction survey.
  • Creation of green lease clauses.
  • Immersive Room Project: virtual office tours.
  • Implementation of air quality monitoring systems.
  • Analysis of investment in energy efficiency improvements.


Achievements in 2020

  • COVID-19: direct support to help deal with the impacts of the pandemic, raising over €300,000 for non-profit organisations.
  • Participation of the management team in various training and awareness-raising activities.
  • The management team and Board of Directors contributed 60% of total donations made by the Company.
  • Development of the Local Community Engagement Programme.
  • Implementation of the Framework Agreement for Educational Cooperation with national and international universities.

Risk management

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Árima is subject to a broad regulatory and good practice spectrum in terms of compliance and reporting. In response to these requirements, Árima has prepared an analysis and appropriateness study of the following Risk Management Systems:

  • Risk Management (Compliance, Environment, Sustainability, Strategic, Financial and Operational).
  • Criminal compliance.
  • Internal Control over Financial Reporting System (ICFRS).

EPRA Sustainability Indicators

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Árima has prepared a report on non-financial information relating to key environmental, social and corporate governance aspects, in accordance with the EPRA Sustainability Best Practices Recommendations (sBPR) (3rd version, 2017).

Árima’s environmental data reporting relates to five properties, comprising four office buildings and one logistics warehouse. Any properties where more than 50% of their floor area was under construction for more than seven months in 2020 have been excluded from the scope of the report.

For each environmental aspect reported –energy, emissions, water, waste and certifications– we have included a breakdown of the properties over which Árima has operational control and those it does not.

In line with our commitment to sustainability and market trends, Árima obtains information and assesses the environmental and energy performance of its properties, in order to establish the relevant measures and manage the possible impacts caused.

We have managed to gather information relating to energy and water for 100% of the portfolio included in the scope of our report, in compliance with our ESG strategy. The exceptional situation experienced during 2020 as a result of the COVID-19 pandemic, had a significant impact on consumption across our properties, most of which are offices, and also affected their environmental and energy performance.

In all of its projects and works carried out during 2020, Árima also considered energy efficiency measures and water consumption savings, as well as analysing the incorporation of renewable energy production systems.