Advisory on the takeover bid

Financial advisor on the takeover bid over Árima Real Estate by JSS Real Estate

AZ Capital has acted as financial advisor to Árima Real Estate in the takeover bid launched by JSS Real Estate, an entity belonging to the Swiss financial group J. Safra Sarasin. For this purpose, AZ Capital has prepared a fairness opinion for Árima's board of directors, strictly from a financial point of view, on which it stated that the offer is fair for Árima's shareholders.

JSS Real Estate's offer consisted on a cash payment of €8.61 per share, representing an equity value of €224m.

Árima is a Socimi (REIT) with 9 assets, being 2 of them under construction, 8 of which are offices and 1 is a logistic asset, all of them in Madrid. The total asset value (GAV) is ~€355m (as of June 2024).

Sector: Real Estate and Hotels