Former Spanish Axiare team seeks €300m for new firm Arima

Former executives from Spanish REIT/SOCIMI Axiare, taken over this year by peer Colonial, are launching a new firm, aiming to raise €300 million ($345 million) to invest in the real estate market.

The firm plans to debut on the stock exchange on Oct. 22.

The new company will center its efforts on the office market in Madrid, accounting for 80 percent of its investments, and Barcelona. Also, logistics assets will also be of interest.

The firm will be led by Luis López de Herrera-Oria, former CEO of Axiare.

Colonial completed its takeover bid of Axiare in February 2017.