Ores: “Revenues from the Supermarkets and Hypermarkets Comfortably Cover the Company’s Expenses”

17 April 2020 – Brainsre.news

The Socimi backed by Bankinter and Sonae Sierra, which owns 37 commercial properties, is negotiating rent deferrals and moratoriums with its tenants who have had to close their businesses due to Covid-19.

The Socimi Ores, the commercial asset company controlled by Sonae Sierra and Bankinter, has reported the impact of Covid-19 on its real estate portfolio, which comprises 37 commercial properties.

The company, which operates in the Spanish market as well as in Portugal, has highlighted that more than half of its assets correspond to supermarkets and hypermarkets. They have not been affected by the closures imposed by the State of Emergency, introduced first in Spain on 14 March and then in Portugal on 18 March, and so they are continuing to operate. These properties account for 64% of the Socimi’s annual income, equivalent to €14 million, say the managers of Ores.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

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