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Bankinter & Sonae Sierra’s Socimi Buys Its First Two Assets

27 March 2017 – Observatorio Inmobiliario

Ores, the Socimi created recently by Bankinter and Sonae Sierra, whose main activity is the acquisition and management of commercial assets in Spain and Portugal, has acquired two out-of-town stores in a deal that represents its first acquisition since its debut on the market.

The two commercial spaces, located in Artea, Bilbao and in the Galaria retail park, in Pamplona, have a combined surface area of approximately 8,400 m2 and are leased to Forum, a retailer specialising in sports, which has a long-term lease contract following a sale & leaseback operation signed in 2010.

Savills, the international real estate consultancy, has advised an investment fund with an extensive track record in Spain on the sale-side. On the legal side, Eversheds Nicea has advised the vendor and Cuatrecasas the buyer.

Luis Espadas, Director of Capital Markets at Savills, explains that “the out-of-town store market continues to form part of the focus of investors. It is a segment that still has significant potential for growth in terms of GLA volume and new operators entering the market and where we are seeing new interested investors, such as in this case”.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

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