29 June 2020 – Ores, the first company to incorporate under Portugal’s new REIT/Socimi-inspired regulatory structure, called SIGIs, began trading last week at an initial price of four euros/share. The firm sold 12.55 million shares to reach a market capitalisation of 50.2 million euros.
Olimpo Real Estate Portugal (or Ores Portugal) is a joint-venture between Bankinter and Sonae Sierra, which manages the company’s real estate portfolio.
The SIGI regime requires firms to go public within one year of their incorporation. Ores is currently 12% owned by Bankinter and 5.14% by Sonae Sierra, with an 83% free-float on Lisbon’s Euronext. The company’s plans to build up a portfolio of over 200 million euros.
Original Story: Economia Online – Leonor Mateus Ferreira
Translation/Summary: Richard D. Turner