Real estate investor JSS Real Estate Socimi gained approval from Spain's National Securities Market Commission (CNMV) for its voluntary takeover bid for Árima Real Estate Socimi.
The Spanish regulator concluded that the offer terms complied with regulations.
In May, JSS Real Estate Socimi said it would pay a maximum amount of €223.7 mln or €8.61 per share, a premium of 37.9% on the volume-weighted average price of the previous three months.
The board of directors of Árima concluded that the offer is amicable and attractive to its shareholders. The deal is subject to a minimum acceptance threshold of over 50.01% of Árima shares.
JSS Real Estate Socimi secured up to €225 mln through a loan facility agreement with Master HoldCo and JS Immo Luxembourg to fund the offer.
Árima has a portfolio of 10 buildings, 9 offices, and 1 logistic warehouse, all located in Madrid. An additional office asset had been secured through a promise to purchase agreement, and the acquisition was expected to be completed in 2025.
Ernst & Young Abogados and GBS Finance acted as advisors to Árima Real Estate Socimi, while Uría Menéndez and Savills advised JSS Real Estate Socimi.
Árima Real Estate Socimi reported sales of €4.98 mln for the first half of 2024, compared to €3.94 mln a year ago. Revenue was €4.34 mln compared to €3.18 mln a year ago. Net loss was €11.23 mln compared to €14.79 mln a year ago.
Árima Real Estate Socimi recently secured a €37 mln green finance agreement with CaixaBank for its Pradillo prime office project in Madrid. The asset will provide more than 12,700 m2 of sustainable office space, in one of the best office submarkets close to the CBD of the capital.
JSS Real Estate Socimi is an investment vehicle indirectly managed by a subsidiary of the J. Safra Sarasin Group.
