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real-estate-transactions Market News: Spanish Real Estate Intelligence

Ores Acquires Portfolio of Supermarkets
10 August 2020 - Portugal’s first Real Estate Investment and Management Company, a SIGI, whose legislative framework is similar to that of REITs and Socimis, made its first acquisition. Olimpo Real Estate (Ores), which was founded by Sonae Sierra and Bankinter, acquired five shopping centres, in a total investment of 37 million euros. Launched in December last year, the SIGI acquired a portfolio with a total area of 21,227 square metres, comprising supermarkets and hypermarkets in Asprela, Mozelos, Covilhã, Faro and Reboleira. The five retail assets all long term rental contracts, four with Continente and one with Pingo Doce. An article in Economia Online noted that Ores bought at least four of the properties, Continente Covilhã in Serra Shopping, Continente Modelo Mozelos, Continente Modelo de Faro and Continente Bom Dia da Asprela, from Sonae MC, a subsidiary of Sonae, in a sale and leaseback operation. Original Story: Economia Online – Rita Neto Translation/Summary: Richard D. Turner
 
Mondego Capital Partners to Invest €20 Million in Two Buildings in Chiado
16 July 2020 – Mondego Capital Partners has acquired two buildings in Baixa - Chiado, Lisbon, and will spend a total of 20 million euros over the next two years on a new hospitality development. The two properties have a total constructed surface area of 4,500-m2. The new development is set to open in 2022. Mondego had previously announced that it would invest more than 100 million euros in real estate projects in Lisbon and Porto. Original Story: Diário Imobiliário Translation/Summary: Richard D. Turner
 
Oeiras Sells Plot of Land for €14 Million
19 June 2020 The Oeiras Town Council has sold a 21,000-m2 plot of land in the Esparagal neighbourhood of Oeiras for 14 million euros at an auction held this week. The amount was 40% above the base price of 10 million euros. The plot of land is located in the joint parishes of Oeiras and São Julião da Barra, Paço de Arcos e Caxias. The municipality postponed the initial two auctions due to the Covid-19 pandemic and lockdown. Original Story: Economia Online – Mariana Espírito Santo Translation/Summary: Richard D. Turner