Bankinter & Sonae Sierra Launch €400M Retail Socimi

20 February 2017 – El Economista

Bankinter and Sonae Sierra have launched a Socimi, Ores Socimi, which plans to channel investment amounting to €400 million into small- and medium-sized commercial real estate assets in Spain and Portugal, according to a statement issued by the bank and the real estate company.

Ores Socimi has been conceived as an investment vehicle for the private banking clients of the entity chaired by María Dolores Dancausa (pictured above).

In fact, a portfolio of these clients already owns a 86% stake in the firm’s capital, in which Bankinter and Sonae Sierra hold stakes of 10% and 3.75%, respectively, following a €196 million capital increase when the firm was constituted.

The official launch of Ores Socimi will take place this week, on Wednesday 22 February, when its shares will begin trading on the MAB. It will be the 31st Socimi to debut on the Alternative Investment Market.

Ores Socimi is being created with the aim of acquiring a portfolio of commercial buildings in good locations in the main cities of Spain and Portugal.

Commercial assets

Specifically, the firm owned by Bankinter and Sonae will place its focus on retail premises on main high streets, as well as on supermarkets and hypermarkets and out of town retail parks, rather than on large shopping centres.

Ores Socimi will be chaired by Fernando Moreno, Director General of the Retail Bank at Bankinter. His investment and management strategy will follow a “product and rigorous policy”, and Sonae Sierra will be responsible for the real estate management of the assets and the administration of the company.

Bankinter has formed this partnership with a company that specialises in retail assets in order to launch an investment vehicle for its clients. Sonae has a presence in around a dozen countries and currently owns a portfolio of 45 shopping centres, which have a market value of more than €6,000 million.

Original story: El Economista 

Translation: Carmel Drake

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