Ores Socimi Invests an Additional €36.5MM in Portugal

23 October 2017

Ores Socimi, owned by Bankinter and Sonae Sierra, invested another 36.5 million euros in Portugal, purchasing shopping areas totalling 14,000m² from Grupo Continente.

Following its stated business plan, the socimi bought four commercial assets in Portugal, a hypermarket and three supermarkets owned by Grupo Continente, the company explained to the Spanish newspaper EjePrime.

The operation was carried out in two phases, the first being the acquisition of all the shares of the company Haciarriba, which owns an asset in Charneca da Caparica. Subsequently, it completed the transaction by acquiring the remaining three assets from the same company. The purchase was completed with equity.

Earlier this month, Ores bought a portfolio of assets in Spain for 63 million euros. With this new purchase, Ores has more than 150 million euros in investments on the Iberian Peninsula, “fulfilling its investment objectives outlined in our business plan and in accordance with the financial parameters agreed with the shareholders,” the same source cited.

Original Story: Vida Imobiliária – Ana Tavares

Translation: Richard Turner