• Letter from the Chairman
  • Letter from the CEO

Mr. Luis Arredondo Malo


Dear Shareholders:

Once again, as we present our annual report, I would like to take the opportunity to express our sincere thanks for the trust that you continue to place in Árima.

These past twelve months have been immensely important for our Company, a year in which we have laid the foundations for our short to mid-term future. Our active management and carefully selected investments have allowed us to make remarkable progress in terms of value creation for our stakeholders and underline our steadfast commitment to delivering on the strategy and the objectives set out when we first embarked upon this project in 2018.

We have also achieved excellent recognition for our sustainability performance, one of the cornerstones of our portfolio, successfully improving our ratings in the most acclaimed certifications and ensuring our portfolio offers exactly what is required by the market.


Luis López de Herrera-Oria

Chief Executive Officer

Dear Shareholders:

Firstly, allow me to begin by extending my sincere thanks to our Chairman, the members of the Board and all our shareholders for their invaluable support and collaboration throughout this past year, as well as to everyone who plays an active part in the daily success of Árima.

Without doubt, 2021 has been a key year for the Company, and one in which we have reaffirmed Árima’s unwavering commitment to its strategy and its success.

By year-end, our portfolio has grown to €344 million – up by a magnificent 25% – thanks to the expertise of our team in creating and managing unique opportunities. As a result, EPRA NTA stands at €11.9 per share, up 23% since the Company’s IPO in 2018.



At a Glance

  • Highlights
  • Annual insight
  • Share price performance
Continued value creation

Gross Asset Value December 2021


GAV Growth YOY (20% LFL)


Strategic acquisitions

99,898 sqm

GLA distributed in 9 assets

Certified sustainability

LEED/BREEAM certified medium-term


WELL certified medium-term


GRESB (Global Real Estate Sustainability Benchmark)



Asset repositioning
5,505 sqm



Projects under refurbishment


Expected portfolio YOC1

Robust financial position



Net loan to value


Debt all-in costs3


Rents collected

EPRA NET Tangible Assets

Per share


Annual growth


Growth since IPO

ESG Commitment

ESG clauses in new tenant contracts signed in 2021


Green financing


Local associations with collaboration projects


Recycling of construction waste

  • Yield on cost defined as post-capex GRI divided by total investment (net acquisition price plus acquisition cost and expected capex).
  • Including cash in banks and undrawn facilities.
  • Weighted average; all-in costs include spread, up-front costs and hedge.
February 2022

Árima’s portfolio is valued at €343 million at 31 December 2021 The portfolio valuation was completed by CBRE Valuation Advisory, in accordance with RICS (Royal Institution of Chartered Surveyors) valuation standards and based on net market value at 31 December 2021. The 99,898 sqm portfolio grew 25% year-on-year and 20% like-for-like.

December 2021

Árima agrees to lease 100% of the Habana building Habana, Árima’s first refurbishment project, will house the Spanish headquarters of a leading law firm. The Company has signed a lease to let 100% of the property, securing very positive terms and ensuring an additional annual income of €1.8 million. The agreement – reached before the completion of the refurbishment works – demonstrates the success of the management team’s strategy to invest in repositioning assets to ensure they offer the highest of standards in terms of quality.

October 2021

Árima achieves 4* rating in its first full GRESB Assessment The SOCIMI obtains 4-star rating and 85 points – out of a maximum of 100 – in the GRESB (Global Real Estate Sustainability Benchmark) Assessment, a global reference in sustainability and social and corporate responsibility practices in the real estate sector. This score ranks the Company above the average of its peer group in record time and is a clear demonstration of Árima’s steadfast commitment to sustainability.

September 2021

Árima achieves highest sustainability ratings: EPRA sBPR GOLD and MOST IMPROVED AWARDS Árima has received the EPRA sBPR GOLD award from the prestigious organisation EPRA (European Public Real Estate Association). This accolade – the highest awarded by the association – recognises the concerted effort made by the Company in matters relating to sustainability as detailed in its Annual Report. The Company has also achieved the Most Improved award in recognition of its exceptional performance in 2021 – the first year in which the Company adopted the EPRA Sustainability Best Practices Recommendations in its reporting.

September 2021

Árima successfully acquires two office buildings in Madrid Árima acquired two properties adjacent to Pradillo 54 – already part of the Company’s portfolio. This strategic acquisition allows Árima to create a large office complex that will offer 12,000 sqm GLA and 180 parking spaces. The full-scale refurbishment will begin in 2022 and will develop a Grade A complex that maximises the use and buildable area.

July 2021

Árima’s portfolio is valued at €292 million at 30 June 2021 The Company’s portfolio grew 6.1% like-for-like over H1 2021. The portfolio was valued by CBRE valuation advisory in accordance with RICS (Royal Institution of Chartered Surveyors) professional valuation standards and based on net market value at 30 June 2021.

June 2021

Árima General Shareholders’ Meeting Árima’s General Shareholders Meeting, held on 29 June 2021, approved all the resolutions featured on the agenda.

May 2021

Efficient management of capital structure Árima optimises its financial resources by successfully extending the drawdown period on a €5 million tranche of debt, negotiating excellent terms with regards to commission costs and as such, adapting the Group’s liquidity position to meet its current needs.

March 2021

First initiative of the year within framework of community engagement plan Árima confirms its collaboration with Replanta Madrid, an initiative designed to help regenerate parks and gardens around the city, helping to restore them to their natural prime following the devastating effects of the Filomena snow storm. The project involves replanting areas damaged by the extreme weather phenomenon in El Retiro and other historic parks such as El Capricho, La Quinta de Los Molinos and Fuente del Berro.

January 2021

Annual CAPEX plan launched The portfolio’s annual refurbishment works begin, including works at the Habana, Botanic, Cadenza and Dune buildings, while the analysis of the works required to complete the Pradillo project also get underway. The Group’s investment over the next three years is expected to reach €70 million.

  • LHS:
    • Árima
    • Ibex Small Caps1
    • EPRA Dev. EMEA1
  • RHS:
    • Average daily volume


Our Company

  • Strategic plan
  • Management team
  • Corporate structure

Árima’s strategy is based on creating value by providing the market – currently lacking in quality, environmentally friendly office space – with much-needed Grade A office supply. The extensive experience of its expert team offers a unique competitive advantage when it comes to identifying investment opportunities that present excellent repositioning potential via carefully planned and curated refurbishments.

We transform properties to create unique spaces that fill voids in the market – offering investors and occupiers exactly what they are looking for, at the same time as delivering attractive returns for our shareholders.

  • Stock Grade B and C
  • Stock Grade A
  • Approach to Árima’s investment strategy
  • Source: JLL Research, S2 2021

Árima is built on the tried and tested knowledge of its management team members who each have an average of two decades experience in the real estate industry. This unrivalled expertise, combined with several years working together allows Árima to repeat the successes of previous projects.

Luis López de Herrera-Oria

CEO and Board of Directors Vice Chairman

Chony Martín Vicente-Mazariegos

CFO and Executive Director

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

At year-end 2021, the Árima Group`comprised three companies.

Árima Investments

The last to join the Árima Group – in Q4 2021 – this Company is linked to the strategic acquisition of the Pradillo 56 and Pradillo 58 buildings.

Árima I+D+i

This is the Company that encompasses all initiatives relating to innovation and sustainable development within the Group.

Árima Real Estate Socimi

Árima Real Estate SOCIMI is the Group’s parent company, holding 100% of the shares of its two subsidiaries. It supervises most of the real estate and asset management operations, as well as the refurbishment works of the Habana, Botanic, Cadenza and Dune buildings.

Árima’s current capital structure comprises debt and equity, with the Company continuously monitoring the markets to ensure a balance that allows it to maintain an adequate combination of both with maximum flexibility.

Árima’s current capital structure comprises debt and equity, with the Company continuously monitoring the markets to ensure a balance that allows it to maintain an adequate combination of both with maximum flexibility.

Debt maturity profile as of 31/12/2021

  • UK
  • Spain
  • USA
  • Canada
  • Others
  • Long-only Funds
  • Real Estate Specialist
  • Hedge Funds
  • Management team
  • Private Wealth Management


Our asset portfolio

  • Introduction
  • Our asset portfolio
  • Valuation

Árima’s team is focused on building a unique portfolio of carefully selected properties acquired at competitive prices and that offer significant potential to create value for both investors and tenants.

The first step in this value creation chain is identifying prime office buildings in the most consolidated and promising areas of Madrid. By strategically acquiring assets priced below their market value – or even below their replacement cost – Árima builds a balanced portfolio of properties that are either under development or are occupied and producing income. This balance allows the Company to secure revenues, while repositioning other projects to Grade A standard.



99,898 sqm

Total Gross Lettable Area


Gross Asset Value


Acquisition of 3 assets1

  • Including expected capex of the Pradillo project and 2020 and 2021 acquisitions.



María de Molina




Ramírez de Arellano











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

Fray Bernardino Sahagún 24, Madrid

  • Asset type


  • Location


  • GLA

    4,355 sqm

  • Parking spaces

    65 (17 EV charging points)


A Grade A free-standing building located in Madrid’s prime CBD. The property offers a GLA of 4,355 sqm arranged over five floors and features bright, flexible office spaces. Each floor comprises approximately 1,000 sqm, while the property also benefits from a generous roof terrace and 65 underground parking spaces – more than 25% of which are equipped with electric vehicle charging points. The property boasts excellent visibility and is ideal for housing a flagship corporate headquarters. Once the refurbishment works are complete, it will feature a front street-level entrance, increasing both the building’s visibility and its impact. The redesign project has been completed by Fenwick Iribarren architects stainability front and centre stage. It will feature a Krion® facade, a material that both kills bacteria and purifies air, state-of-the-art lifts and VRV air conditioning systems with photocatalytic filters. In addition, more than 90% of the workstations will benefit from natural light and access control will be optimised thanks to the Árima Digital Platform® and biometric scanner. Habana is expected to receive LEED Gold, WELL Gold and WELL Health & Safety certifications.


Located in the northern part of Madrid’s CBD, Habana boasts excellent visibility from Paseo de la Habana and immediate access to Paseo de la Castellana. It offers first-rate transport links, and with Cuzco and Pío XII metro stations just a short walking distance away, it offers a quick connection to Madrid Barajas airport. The M-30 ring road is also easily accessed via Alberto Alcocer. A wide selection of local amenities are within easy reach of the property, with a multitude of shops and restaurants to choose from, as well as a number of schools and hospitals.

María de Molina

María de Molina 39, Madrid

  • Asset type


  • Location


  • GLA

    4,025 sqm

  • Parking spaces



Prime office building located in the heart of Madrid’s CBD and acquired from different owners in several phases. The property offers a light-filled, flexible office space of approximately 1,200 sqm – qualities that are not easy to come by in this area. The three vacant floors have been fully refurbished, reinforcing floor structure, installing windows in the façade, new toilets, a new HVAC system, raised floors, suspended ceilings and upgrading the lift and lobby areas with premium finishes. The addition of a new external fire escape has also doubled the building’s permitted occupancy levels. Sustainability and innovation play a key role in Árima’s refurbishment project, creating optimal work environments with high-efficiency equipment. 90% of the workstations benefit from natural light, as well as individual temperature, humidity and lighting control per halffloor. The offices are also equipped with an optimised ventilation system that eliminates polluting particles via photocatalysis and continually monitors the quality of the indoor air.


The property is located on Calle María de Molina, one of Madrid’s main arterial roads, boasting excellent access and communications. This area is highly sought-after by coworking companies as it benefits from a wide range of public transport options and an outstanding range of high-quality local services.


Pradillo 54-56-58, Madrid

  • Asset type


  • Location

    Inner Madrid

  • GLA

    11,925 sqm

  • Parking spaces

    180 (20 EV charging points)


The property was acquired from multiple owners via several complex off-market transactions during 2020 and 2021. The acquisitions have been combined to create a large institutional lot with significant potential in one of Madrid’s best office submarkets close to the CBD. The acquisitions cover a total GLA of 10,225 sqm, with the potential to expand the buildable area to approximately 11,925 sqm after completion1. We are currently tendering the architectural design project and negotiating the early termination of existing leases prior to the start of construction works. The refurbishment will be sustainable, taking account of the well-being of both the environment and the end-users and maintaining the Company’s commitment to creating green, landscaped areas. On completion of the refurbishment, the building will feature 180 underground parking spaces, 20 of which will be equipped with electric vehicle charging points.


Located in north Madrid, close to the CBD. The area is currently home to many tech company headquarters and is also undergoing a rapid transformation with new high-end residential schemes being developed. The Alfonso XIII and Concha Espina metro stations are located within walking distance from the building, providing a quick connection to Madrid Barajas airport. The M-30 ring road is also easily accessed from the property. The building benefits from a wide selection of local amenities within walking distance, with a multitude of restaurants and shops to choose from, as well as a number of schools and hospitals.

Ramírez de Arellano

Ramírez de Arellano 21, Madrid

  • Asset type


  • Location

    Inner Madrid

  • GLA

    6,759 sqm

  • Parking spaces



A prime office building designed by architect Rafael de la Hoz in 2008, the property comprises a total of 6,759 sqm arranged over six floors, plus a basement floor housing 110 parking spaces. The property benefits from a double-height lobby and highly efficient, column-free floorplates of over 1,000 sqm. A generous internal courtyard floods all floors with natural light. It is a modern-look building, offering premium quality spaces and materials and benefits from LED lighting, a clear height of 2.8m and natural light in 85% of its spaces. It features 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 water requirements. In addition, to improve occupier well-being and in keeping with its natural surroundings, the property has a generous landscaped courtyard. It is BREEAM “Very Good” certified, indicating compliance with certain management, health, well-being, energy, transport and materials criteria.


Located in the consolidated submarket of Avenida de América-Torrelaguna Madrid, close to the junction at which the A-2 motorway meets the M-30 ring road. The building is strategically located next to the Spanish headquarters of AXA and BNP Paribas. This A-2 area is within close reach of the CBD (7 minutes by car), the M-30 and Madrid Barajas airport (7 minutes by car). The Arturo Soria and Avenida de la Paz metro stations and the Arturo Soria Plaza shopping centre are all within walking distance.


Josefa Valcárcel 42, Madrid

  • Asset type


  • Location

    A2-M30 Madrid BD

  • GLA

    9,902 sqm

  • Parking spaces

    224 (36 EV charging points)


Prime office building, highly visible from Madrid’s A2 highway, with 9,902 sqm of GLA and 224 parking spaces (16% equipped with electric vehicle charging points). This nine-story building has excellent floor-to-ceiling height, natural light in more than 90% of the workstations, three greenhouses, gymnasium, a restaurant and, above all, spectacular landscaped outdoor areas of more than 2,000 sqm. The refurbishment works aim at making the asset 33% more efficient than a conventional building, thanks to a photovoltaic installation on the roof that will serve as a source of renewable energy. In addition, the project will incorporate VCR air conditioning systems with photo catalytic filters and a fast access control system with biometric scanner through the Digital Platform developed by Árima®. Árima is working to create a sustainable and healthy environment for its tenants. Therefore, the project will incorporate anti-glare LED lighting, a curtain wall façade with acoustic insulation and solar protection, materials with low environmental impact and natural spaces that promote greater well-being. The new building has been designed by the architectural firm Álvarez-Sala, and is expected to receive LEED Platinum, WELL Gold and WELL Health and Safety certifications.


The building is located close to the centre of Madrid, in the consolidated M30-A2 submarket, and with easy access to the airport. It stands out for its strategic location and its proximity to the CBD (7’ drive), the M30 freeway and Madrid Barajas airport (7’ drive). The building has excellent public transport connections and local amenities in the immediate vicinity, including a shopping centre. Notable tenants include Banco Santander whose headquarters are located in in the vicinity.


Vía de los Poblados 3, Madrid

  • Asset type


  • Location

    Campo de las Naciones

  • GLA

    10,936 sqm

  • Parking spaces

    202 (70 EV charging points)


An independent, highly efficient, LEED Gold-certified, Grade A office building located in the consolidated Cristalia Business Park, within the Campo de las Naciones submarket. The office buildings are arranged around an extensive, carefully manicured landscaped area and include a hotel, nursery, gym, several restaurants, paddle tennis court and security service. The building offers 10,936 sqm of modern office space arranged over six floors and a column-free floorplate area of more than 1,800 sqm per floor, each of which can be divided into three modules. The property also boasts an extraordinary amount of natural light thanks to its fully glazed façade. The building is already equipped with a modern ventilation and photocatalysis system to remove harmful particles, as well as with sensors for monitoring indoor air quality. It features 202 parking spaces, 35% of which are equipped with electric vehicle charging points.


Located in the Campo de las Naciones area, historically considered the most consolidated and attractive office market in Madrid, it is strategically located between the airport and the CBD. The San Lorenzo metro station is located just a few minutes’ walk away. The complex benefits from very good access to the following main motorways: M-40, M11, A-1, A-2 and R-2. It also boasts excellent visibility, ideal for corporate signage.


Vía de los Poblados 7, Madrid

  • Asset type


  • Location

    Campo de las Naciones

  • GLA

    14,302 sqm

  • Parking spaces

    215 (21 EV charging points)


Originally designed as a data processing centre, this Grade A office building offers large floorplates (approximately 2,800 sqm) with excellent floor to ceiling height. The property comprises five above-ground floors, with a total area of approximately 14,302 sqm and two basement floors accommodating 215 parking spaces, 21 of which are due to be fitted with electric vehicle charging points as part of the property upgrade. The property benefits from excellent visibility, ideal for corporate signage. In order to enhance occupier well-being, the communal areas and the quality of the interior spaces are being improved, energy-saving measures are being implemented, CO₂ emissions and utility consumption are being reduced and the outdoor areas are being landscaped. The upgrade includes a new three-level curtain wall façade and a central atrium is being added, which once complete will increase the property’s GLA and significantly improve the amount of natural light entering the building. The renovation project – designed by Estudio Lamela – includes a new lobby and pays particular attention to the gardens. The project is expected to receive LEED Gold, WELL Platinum, and WELL Health & Safety certifications.


The property is located in the Campo de las Naciones area, historically considered Madrid’s most consolidated and attractive office market and strategically located between the airport and the CBD. The San Lorenzo metro station is located a few minutes’ walk away. The complex benefits from very good access to the following main motorways: M-40, M-11, A-1, A-2 and R-2. It also boasts excellent visibility, ideal for corporate signage.


Avenida de Manoteras 28, Madrid

  • Asset type


  • Location

    Las Tablas / Manoteras

  • GLA

    12,000 sqm

  • Parking spaces

    241 (30 EV charging points)


Based on the design proposal by the renowned Spanish architect Carlos Rubio, this free-standing office building will comprise six above-ground floors totalling approximately 12,000 sqm, and two basement floors with 241 parking spaces, 30 of which will be equipped with electric vehicle charging points once the refurbishment is complete. The Grade A design offers large, bright, column-free, flexible floorplates (approximately 2,000 sqm per floor) and good floor-to-ceiling height. Considering that bright and airy open spaces and the possibility of accessing outdoor areas help improve tenant satisfaction and productivity, Árima has ensured the property’s new-look communal areas, which will be significantly upgraded as part of the refurbishment, will do just that. The upgrade will also see the addition of a generous rooftop terrace and extensive landscaped areas on the ground floor. The complex will be built in line with the Business Services zoning classification, which accommodates technological and most office activities. It is expected to receive LEED Platinum, WELL Gold and WELL Health & Safety certifications.


Excellent location in the up-and-coming area of Manoteras, the northern extension of Madrid’s CBD. Its proximity to the Paseo de la Castellana means it is very well connected to the rest of the city and also strategically located in terms of reaching Madrid Barajas airport – just a few minutes away with both good public and private transport connections (A-1, M-11, M-30, and M-40). The building is just metres from the metro station ‘Virgen del Cortijo’ and the regional ‘Fuente de la Mora’ train station. The area has a wide range of services and is home to several public entities, as well as being a hub for tech and industrial-based companies.


Ctra. A-I Km 3, San Agustín de Guadalix, Madrid

  • Asset type


  • Location

    Madrid (2nd Ring)

  • GLA

    25,694 sqm

  • Loading bays



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.

Árima’s portfolio performed exceptionally well in 2021, securing solid value uplift across all of its assets. Thanks to its active management strategy and disciplined investment criteria, the Company successfully raised the value of its portfolio to €344 million, up 20% on a like-for-like basis.

Asset type
Offices Logistics Total
Properties 8 1 9
GLA (sqm) 74,204 25,694 99,898
Parking spaces (units) 1,259 0 1,259
Net acquisition price (EUR million) 212.5 16.4 228.9
Acquisition price (€/sqm) 2,864 638 n. a.
Market value (EUR million) 313.7 29.9 343.6
Gross LTV 30.4% 31.3% 30.4%

The portfolio was valued by CBRE under the assumption of market prices as at 31 December 2020 and 2021 in line with the standards set out in the RICS (Royal Institution of Chartered Surveyors) Red Book.


2021 Full year

  • Market climate
  • The future: levers for growth
  • Our financial results
  • EPRA financial reporting

Economic activity in Spain was affected in 2021 by reappearances of the COVID virus which inhibited a fuller recovery. Once again important drivers of the Spanish economy – tourism and hospitality – were significantly affected. However, by year end GDP had reached 4.9% and unemployment had seen its most significant fall in 14 years to reach a rate of just over 13%. Forecasts for GDP growth are healthy for 2022, which will no doubt be aided by EU recovery funds. Furthermore, additional funds are being made available for sustainable features in development.

Madrid and Barcelona Take Up

  • Take Up Madrid
  • Take Up Barcelona
  • Source: JLL

The Group boasts both a portfolio that benefits from strong growth potential thanks to its successful active management, as well as sufficient capacity to continue investing and take advantage of any opportunities the market may offer.

The portfolio’s growth potential, measured in terms of rental income, once the current refurbishment projects have been completed, will amount to €20.7 million. This is more than 200% higher than the contractual gross rental income when the properties were acquired.

(1) Passing gross yield defined as passing gross rents over total portfolio acquisition price.

(2) Yield on cost defined as post-capex GRI divided by total investment (net acquisition cost plus expected capex).

(3) Annualised gross rents.

(4) Lease in office buildings Habana, Botanic and Pradillo terminated ahead of refurbishment works.

(5) Includes mark-to-market of existing rents and leasing vacant space.

(6) Expected increase in rents from capex investments.

(7) Expected gross rental income after realising reversionary potential and effects from capital expenditure.


of portfolio under refurbishment


with substantial remaining firepower

YIELD ON COST6.0%-6.5%

vs. 3.25% Madrid Prime office yield

Key income
metrics at 31/12/2021

€ 5,116 thsnd. at 31/12/20

€27,274 thsnd. OPERATING INCOME - EBIT

€14,133 thsnd. at 31/12/20

€26,125 thsnd. NET PROFIT

€13,091 thsnd. at 31/12/20


€0.47 € at 31/12/20

Key balance sheet
metrics at 31/12/2021
€343,600 thsnd. GROSS ASSET VALUE (GAV)

€275,750 thsnd. at 31/12/20

€104,588 thsnd. GROSS DEBT

€104,078 thsnd. at 31/12/20

€88,884 thsnd. CASH & EQUIVALENTS

€129,086 thsnd. at 31/12/20

€15,704 thsnd. NET DEBT

€(25.008) thsnd. at 31/12/20


37.7% at 31/12/20

4.6% NET LTV

(9,1)% at 31/12/20

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 Thousand
(unless specified)
EPRA Definitions 2021
EPRA Adjusted Earnings Adjusted earnings from operational activities. (2,545)
EPRA Earnings Earnings from operational activities. (2,473)
EPRA Net Reinstatement Value (EPRA NRV) Assumes that entities never sell assets and aims to represent the value required to rebuild the entity. 326,365
EPRA Net Tangible Assets (EPRA NTA) Assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax. 326,147
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. 325,665
EPRA Net Initial Yield (EPRA 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. 2.7%
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. 3.3%
EPRA Vacancy Rate Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio. 24%


Environmental, Social and Corporate Governance Commitment

  • Materiality analysis
  • Environmental management
  • Social impact
  • Corporate governance
  • Key indicators

For Árima, 2021 was a pivotal year in terms of further strengthening the Company’s sustainability processes and strategy – a key part of which is the materiality analysis. One of the most notable changes was the decision to incorporate financial indicators into our materiality analysis, as well as the already included non-financial indicators, given that both these aspects are relevant for the decision-making processes of our stakeholders.

Based on this, we have ensured that this report details all the aspects identified as material by our stakeholders, via both interviews and surveys, as detailed below.

  • Decarbonisation
  • Consumption efficiency
  • Waste Management
  • Sustainable mobility
  • Responsible landscaping
  • Sustainable refurbishments
  • Tenant welfare
  • Employee training and development
  • Trusting relationships
  • Health and safety
  • Local community
  • Control over reported information
  • Regulatory compliance
  • Standards and recommendations
  • Strategy and objectives
  • Risk management
  • Investor alignment
  • Value creation
  • Sound investments
  • Level of financial debt
  • Analyst opinion

of portfolio1 LEED/BREEAM certified by 2023


of repositioning projects to obtain at least WELL GOLD certification by 2024


of current portfolio equipped with electric vehicle charging points by 2023

  • Electrified
  • Electrified 2022
  • Electrified 2023
  • Electrified 2024
  • Under analysis


of the current portfolio powered by an electricity supply with a guarantee of renewable origin for common areas2 in 2023

  • Contracting energy with a Guarantee of Renewable Origin

Initiatives 2021:

  • Analysis of waste diverted from landfills
  • Review of green energy production facilities
  • Renovation of efficiency control systems
  • Sustainable mobility


  • Smart investments to minimise carbon footprint
  • We have launched a project to install photovoltaic panels and enhance energy optimisation in the Guadalix warehouse to significantly reduce the site’s environmental impact.
92% in 2021

Incorporate sustainability (green) clauses into 85% of lease agreements signed by Árima with its tenants by 2023.

56% in 2021

Conduct an ESG assessment of 50% of the Company’s Tier 1 suppliers by 2023.

90% in 2021

Maintain an average employee satisfaction score above 80%.

100% in 2021

Continue offering training to 75% of the workforce.

52% in 2021

Ensure that 50% of assets have a local community engagement program in place by 2023.

Objective redefined in 2021


Offer spaces for social actions in 25% of Árima’s buildings by 2023.

Investors and shareholders

For Árima, being aligned with analysts and investors is key. We firmly believe that fluid communication, transparency and commitment to implementing our strategy are the cornerstone of achieving and maintaining a relationship that favours value creation.

Thanks to this approach, in 2021 the analyst consensus was unanimous in holding a buy recommendation for Árima.

Our 2021 results have demonstrated the success of our strategy and our ability for value creation – completing the complex Pradillo acquisition and pre-letting the Habana building prior to the completion of refurbishment works. All with our conservative LTV in this uncertainty period.

Employees: Árima´s team

At Árima we believe that our employees are the key to the success of any project. We see proof of this every single day at our headquarter offices, where our team of 14 professionals continually demonstrate the importance of their know-how, involvement and integrity.

To continue promoting the best practices and ensuring the best welfare of our team and their professional development, Árima relies on the four areas of its Employee Engagement Programme.

  • Communication and Trust
  • Training
  • Work-Life Balance and Well-Being
  • Inclusion and Diversity

Suppliers and contractors

In 2021 we carried out the first assessment of ESG criteria among our contractors via our Supplier Certification Programme, obtaining very positive results.

56% assessed
  • High score
  • Medium score
  • Low score


The people who occupy our buildings every day are a fundamental part of our business. Therefore, we take great care to carefully curate our relationships with our tenants, working to meet their every need and establishing relationships that favour mutual growth.

During 2021, 100% of our tenants took part in our tenant well-being survey. The results highlight that the most recent initiatives have been well received and help us to improve aspects that are currently under development.





Local community

Local development through our portfolio

In 2021, Árima rolled out the Local Community Engagement Programme at portfolio level, making a commitment to add value to the environment through the management of its buildings.

Assets with community engagement initiatives

52% Offices
100% Logistics

Corporate initiatives

The Corporate Community Engagement Programme – first set up in 2020 – was also further consolidated in 2021. The programme is designed to support and help make society a better place via a variety of different initiatives that target the following areas:

Education and sports


Charity and healthcare


Heritage, culture and environment


Objectives: Ongoing Follow-Up

100% in 2021

Obtain a high score on the GRESB 2021 assessment.

100% in 2021

95% of energy and water consumption data coverage by 2023.

18% in 2021

Implementation of digital systems for efficiency control in 80% of the current portfolio by 2023.

Objective redefined in 2021


80% of buildings to have a green report and implement recommended measures by 2023.

General Shareholders’ Meeting

The General Shareholders’ Meeting is the Company’s highest decision-making body. Its designated powers include the appointment of directors, the approval of the remuneration policy and the distribution of dividends, all of which are set forth in the Regulations of the General Shareholders’ Meeting.

Árima works to ensure it remains up to date with the most appropriate standards and recommendations. During 2021, the Company aligned its reporting with the recommendations set out in the Good Governance Code for Listed Companies of the CNMV1, ensuring the Company’s governing and administrative bodies fulfil and carry out their roles effectively.

Compliance with CNMV recommendations

  • Complies
  • Under analysis

Board of Directors

  • Audit and Control Committee
  • Appointments and Remuneration Committee

Board of Directors´ Committees


The main role of the Audit and Control Committee is to support the Board of Directors in its supervisory duties by regularly reviewing the process of preparing the economic and financial information, its internal controls and the independence of the external auditor, paying special attention to the adequate control of the information reported and the Company’s risk management. During the 2021 fiscal year, the Audit and Control Committee met four times.


The Appointments and Remuneration Committee supports the Board of Directors in the proposals for appointment, re-election, ratification and dismissal of directors; in drawing up and controlling the Remuneration Policy; in ensuring directors fulfil their duties, and in supervising compliance with the Internal Codes of Conduct and the rules of Corporate Governance. In 2021 the Appointments and Remuneration Committee met on four occasions.

Good Governance

Values: ethics and transparency

Árima is governed by corporate values of commitment, value creation and diligence in the Company’s daily operations. These values are based on ethical behaviour and transparency, as reflected in the Code of Conduct, drawn up in accordance with Good Governance recommendations.


Information Security

The security of computer systems and the protection of the Company’s information are issues of the utmost importance for Árima.

Cutting edge systems
Maximum security guarantee
External IT support

Real sustainability

For Árima, sustainability is one of the Company’s founding principles. Care for the environment and good practices have guided the team’s actions since the SOCIMI was first created and remain a determining factor in corporate and portfolio decisions. Árima bases its sustainability initiatives on the most prestigious international standards, using five Sustainable Development Goals from the United Nations 2030 Agenda to define the Company’s corporate and portfolio objectives.

Árima actively works to turn these objectives into reality and achieve real sustainability goals, rolling out initiatives and making improvements where necessary – both at corporate and portfolio level – to ensure those goals are achieved. By doing this, sustainability is truly integrated into the Company’s business model, with objectives grounded by the need to transform them into material and tangible initiatives.

Good health and well-being
  • Installation of ventilation filters
  • Provision of electric bicycles to tenants
  • Renewal of efficiency control systems
Clean water and sanitation
  • Responsible landscaping
Affordable and clean energy
  • Puntos de recarga para vehículos eléctricos
  • Revisión de instalaciones de energía verde
Sustainable cities and communities
  • Waste diverted from landfill
  • Waste management plan
  • Local community engagement programme
Climate action
  • Replanta Madrid

Sustainable certifications

In 2021, Árima’s sustainability performance was assessed by the Global Real Estate Sustainability Benchmark (GRESB) and by the European Public Real Estate Association (EPRA). Both institutions recognised the success of Árima’s sustainability strategy, awarding the SOCIMI with excellent ratings and making it an industry leader in terms of non-financial information initiatives and reporting.

Global Real Estate Sustainability Benchmark (GRESB)

In 2021, and just three years after the IPO, Árima has obtained a 4-star rating and 85 points out of a maximum of 100 in its first GRESB evaluation1. Árima’s achievement is even greater when considering how much it outperforms the other companies in Árima’s peer group, which have an average trajectory of more than 41 years and whose portfolios are much larger.

  • Árima
  • Peer Group 2021
  • GRESB average 2021
  • Peer entities with low ESG performance
  • Following the GRESB grace period (1 year).

European Public Real Estate Association (EPRA) sBPR

Árima obtained the highest score, being awarded the Gold certification in recognition of its exceptional compliance with EPRA sustainability standards. It also received the Most Improved award, which is given to those companies that increase their score by 30% over the previous year. Only 23% of EPRA sBPR member companies achieve Gold in their first assessment.

Key indicators

Within the framework of the Environmental Policy, Árima continuously monitors the impact of the portfolio on the environment in order to establish lines of action to achieve a better performance.

Sustainability key indicators

Sustainable certifications
2020 26%
2021 26%
2023 80%

% portfolio to be certified (LEED/BREEAM)

Energy production
2020 20%
2021 20%
2023 73%

portfolio % with facilities for the production of renewable energy

Green energy
2020 62%
2021 100%
2023 100%

% portfolio in operation with green energy from renewable sources in common areas

Accessible buildings
2020 100%
2021 100%

portfolio % fully accessible

Average energy and water consumption

Consumption in office portfolio
2020 57.03 kwh/sqm/year
2021 62.48 kwh/sqm/year

Average energy use intensity

2020 0.09m3/sqm/year
2021 0.12m3/sqm/year

Average water use intensity

Consumption in logistics portfolio
2020 267.97 kwh/sqm/year
2021 255.72 kwh/sqm/year

Average energy use intensity

2020 1.07m3/sqm/year
2021 1.58m3/sqm/year

Average water use intensity


Risk management

  • Risk management

Árima considers risk management of special relevance within the area of corporate governance, as it is subject to a wide range of regulations and best practices in compliance and reporting. In order to respond to these requirements, Árima has implemented a Risk Management Model based on:

  • Risk Management System (RMS – Compliance, Environment, Sustainability, Strategic, Financial and Operational)
  • Crime Prevention and Detection Model (CPDM)
  • Internal Control over Financial Reporting System (ICFRS)

In order to:

  • Comply with applicable regulations.
  • Benefit from models adapted to Árima’s specific characteristics.
  • Aid decision-making internally and with third parties through the reporting of these areas.


EPRA Sutainability Indicators

  • EPRA sBPR Indicators
  • Environmental and energy performance of properties

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).

The reporting of Árima’s environmental data relates to six assets, including five 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 2021 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.

During 2021, Árima has maintained its effort to obtain the consumption data of the properties in order to evaluate the environmental performance of the portfolio. In this way, the Company addresses current market trends and its commitment to sustainability by being able to establish relevant measures and manage the possible impacts caused.

In 2021, we were able to collect consumption information for 100% of Árima’s portfolio, confirming our ESG strategy. For reporting purposes, we differentiate between (i) properties over which Árima has operational control, (ii) properties over which it does not have operational control and (iii) our corporate headquarters, for each environmental aspect.