• Transaction / Assets
    Ores acquires Pingo Doce's premises in Lisbon
  • Seller
  • Buyer
    Ores Real Estate Socimi
  • € MM
    5.9

Ores, Bankinter’s Socimi, Has Invested €61 Million in the Year to August and Acquires a New Asset in Portugal

29 August 2017

The property acquired by Ores, for which it paid €5.9 million, is occupied by the supermarket chain Pingo Doce, in Lisbon.

Ores continues to beef up its portfolio of assets on the Iberian Peninsula. So far this year, the real estate arm of Bankinter and Portugal’s Sonae Sierra has already accumulated investments worth 60.8 million euros. Ores’ latest acquisition is a property located in Lisbon, Portugal, for 5.9 million euros, the real estate company declared.

Ores has acquired a property in Lisbon occupied by the supermarket chain Pingo Doce

Earlier this month, Ores acquired a property, currently rented and operated by the supermarket chain Pingo Doce, in Lisbon, Portugal. The asset has a gross leasable area of 2,200 square meters and is in the Alta district. “With this acquisition, financed entirely with the company’s resources, the company continues to fulfil the investment objectives contemplated within its business plan and in accordance with the financial parameters agreed with shareholders,” the company added.

The Spanish REIT, which started its business without any assets in its portfolio, has been acquiring properties since last April when it bought its first two real estate assets. The company, which has focused its investments on commercial premises, acquired two medium-sized retail parks, Artea in Bilbao and Galari in Pamplona, for which it paid 18.7 million euros. Both assets, which have a total area of 8,400 square meters, have the sporting equipment chain Forum Sport as a tenant.

Among Bankinter and Sonae’s real estate investment vehicle’s latest acquisitions is an asset in Oviedo that the company bought in May. Located in the neighbourhood of Montecerraro, the commercial premises have Mercadona as a tenant and an area of more than 2,700 square meters. Ores paid 5.8 million euros for the asset.

In May, the socimi also acquired the German electronics chain Mediamarkt’s premises in Braga, Portugal. The acquisition has a gross leasable area of 4,986 square meters and was acquired for 5.7 million euros.

Ores is aimed at Bankinter’s private banking customers with large assets

Ores is aimed at private banking clients. Although its portfolio of assets is currently relatively modest, the socimi came to the stock market with the objective of investing 400 million euros in commercial premises on high streets, supermarkets, medium-sized business parks (maximum 20,000 square meters), bank branches and single assets with durable rents and solvent tenants.

Bankinter and Sonae Sierra launched their new real estate venture in record time. On December 15 of last year, both groups constituted the company and, in just two months, they carried out the process of creating the vehicle, raised enough capital to start operations and debut on the stock market.

Ores was created with investments by Bankinter’s private banking clients through a capital increase of 196.6 million euros. Thus, private banking clients and some institutional investors control about 86% of the company’s capital. The financial institution led by María Dolores Dancausa has held onto 10% of the capital, and Sonae Sierra holds just under 4%.

Original Story: EjePrime – C. Pareja

Translation: Richard Turner