Newly listed Spanish Socimi Arima Real Estate posted a net profit of €3.7 mln in its first full quarter of trading, as its portfolio grew in value by 8.7%.

The Habana building, one of four assets acquired by Arima in its first five months.

The Habana Building, One of Four Assets Acquired By Arima in Its First Five Months.

The company has completed six real estate transactions since being founded five months ago by Luis Lopez de Herrera-Oria's former management team at Axiare Patrimonio, building up a portfolio worth €130 mln.

In February it announced it had invested all the funds raised through its IPO in two deals comprising four office buildings in Madrid, for a total outlay of €93.7 mln. They include two properties on calle María de Molina and a LEED Gold-certified building on Cristalia Business Park. 

Offices account for 87% of the total portfolio so far, with logistics making up the remainder. The company has set a fundraising target of €300 mln and aims to invest 80% of it in Madrid's office market, as well as looking for opportunities in Barcelona and the logistics sector.

Arima signed a €30 mln bridging loan with CaixaBank in the first quarter of 2019 for immediate investments and says it is close to agreeing a deal to secure long-term financing.

The company also increased its share capital by 40% in April to enable it to capitalise on opportunities in the Spanish market.