Bankinter & Sonae’s Socimi Buys Retail Asset For €4.7M

31 July 2017 – Eje Prime

The Socimi Ores is continuing its shopping spree in Spain. The real estate arm of Bankinter and the Portuguese firm Sonae Sierra is fattening up its asset portfolio in Spain with the purchase of a new retail space, on this occasion in Cádiz. The acquisition of the property, which is leased to the supermarket chain Aldi, has involved an investment of €4.7 million by the group, which was launched in February when it debuted on the Alternative Investment Market (MAB).

The Socimi, which started out without any assets in its portfolio, has been acquiring different properties over the last two months. The latest is located in Sanlúcar de Barrameda, in Cádiz, has a retail surface area of 2,085 m2 and can be found at number 13 on Avenida de Guzmán el Bueno.

“With this acquisition, which has been financed entirely using own funds, the company is continuing to fulfil the investment objectives set out in its Business Plan and in accordance with the financial parameters agreed with its shareholders”, say sources at Ores Socimi.

Another one of the most recent acquisitions undertaken by Bankinter and Sonae’s real estate investment vehicle involved an asset located in Oviedo that the company purchased in May. Located in the Montecerraro neighbourhood, the retail property is leased to Mercadona and has a surface area of more than 2,700 m2. Ores paid €5.8 million for that asset.

Also in May, the Socimi acquired the establishment that the German electronics chain MediaMarkt leases in Braga, in Portugal. That point of sale has a gross leasable area of 4,986 m2 and was acquired for €5.7 million.

Nevertheless, Ores made its debut purchase in April, when it acquired its first two real estate assets. The company, which invests only in retail premises, bought two stores located in the Artea and Galari retail parks in Bilbao and Pamplona, respectively, for which it paid €18.7 million. Both assets, which have a combined surface area of 8,400 m2, are leased to the sports equipment chain Forum Sport.

Ores is aimed at private banking clients. Although for the time being, its portfolio of assets is relatively small, the Socimi made its debut on the stock market with the aim of investing €400 million in high street premises, supermarkets, retail parks (up to a maximum surface area of 20,000 m2), bank branches and singular assets with long-term rental contracts and solvent tenants (…).

Ores was created from contributions made by Bankinter’s private banking clients (in other words, HNWIs) through a capital increase amounting to €196.6 million. In this way, the private banking clients and some institutional investors control almost 86% of the company’s share capital. The entity led by María Dolores Dancausa, meanwhile, has retained ownership of a 10% stake and Sonae Sierra owns just under 4%.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

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